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THE ESPORTS ADVOCATE

GGTech Entertainment Secures $12.4M USD Investment

The company will use the new funds to expand into the United States, shore up operations elsewhere.

James FudgebyJames Fudge
June 20, 2023
in League of Legends, Money, Valorant
Reading Time: 2 mins read
GGTech Entertainment Secures $12.4M Investment

Credit: GGTech Entertainment

Spain-based GGTech Entertainment has secured a $12.4M USD investment from Mexico City, Mexico-based growth equity investment firm Glisco Partners, and investment firm Heart Beat. While the investment is meant to strengthen its existing operations in Europe, the Middle East, North Africa, and Latin America, the focus of the releases emphasizes the company’s plans to expand into the United States.

In a release obtained by The Esports Advocate on Tuesday, GGTech Entertainment Co-Founder and CEO José Parrilla specifically mentions growth prospects in the United States:

“As a leading organizer of multilingual esports events and tournaments in Europe, MENA, and Latin America, we are fully confident in our growth prospects in the United States. Video games, and particularly esports, have been gaining popularity year after year. Our goal is for GGTech to participate in this trend and strengthen its presence in these markets in the coming years. For this, we also have the support of major brands and Publishers with whom we already maintain solid alliances, to contribute to growth in the U.S. market. Additionally, we will be attentive to investment opportunities in the sector.

Alfredo Castellanos, a managing partner of Glisco Partners, also mentioned growth in the U.S.:

“Our investment in GGTech is part of our strategy to support highly disruptive companies to increase their market share and enter the U.S. market. GGTech is especially attractive because of its proven business model and its strategy of leveraging its content production studios in Mexico and Spain to serve the growing U.S. esports market.”

This is important to note because it aligns with reporting from TEA on June 13 about Riot Games putting collegiate and scholastic Valorant and League of Legends competitions in the United States into the hands of a third party. As we reported exclusively, GGTech is expected to secure the rights to operate those competitions.

Tags: collegiate esportsGGTechGlisco Partnersgreatest hitsHeart BeatRiot GamesScholastic EsportsSpainUnited States
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James Fudge

James Fudge

With a career spanning over two decades in the esports and gaming journalism landscape, James Fudge stands as a seasoned veteran and a pivotal figure in the evolution of esports media. His journey began in 1997 at Game-Wire / Avault, where he curated gaming and community news, laying the groundwork for his expertise in the field. In his more recent roles, James cemented his status as an authority in the esports business sphere as Senior Editor Esports at Sports Business Journal and The Esports Observer between 2018 and 2021.

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