Sweden-based competitive gaming platform Challengermode announced Wednesday that it has completed a funding round valued at SEK 27M (roughly $2.53M USD). The funding round featured participation from existing investors and new investors Ballista Capital and Seeker. Previous investors in the company since its founding in 2014 include Alibaba Group, Back in Black Capital, GP Bullhound, Telia Ventures, and Unknown AB.
Challengermode said that this new funding will be used to expand its offerings “beyond just esports to include a broader set of game-technology products,” which includes developing “offerings for game developers and AAA publishers.”
Challengermode claims that it currently enjoys working relationships with major game publishers such as Electronic Arts, Ubisoft, and Tencent; supports more than 120 games; has “tens-of-millions” of users worldwide; works with more than 80K tournament organizers of all shapes and sizes—from professional companies to grassroots organizers (it claims that the platform is used to organize more than 400K tournaments a month worldwide).
“Securing this funding is a testament to the quality of our platform, strategic vision and the trajectory of the company,” said Challengermode CEO Robel Efrem in a release. “We’re excited to continue developing our game-focused technologies to better serve game developers and the broader competitive gaming community.”
Finally, Challengermode claims that it has averaged revenue growth of 54% over the past three years (42% in 2021/2022, 62% in 2022/2023, and 58% for 2023/2024), though the company did not provide specific numbers.
Editor’s note: SEK to USD exchange rates are SEK 1 = $0.094 USD, as of Wednesday, Oct. 30. A previous version of this story listed the conversion rate as “$25.3M USD,” which was wildly incorrect. The actual number is $2.53M. We apologize for the error and have corrected the story and the headline.