Major League Gaming secures USD 10 million investment

Major League Gaming, the professional videogame league, has announced that it has secured USD 10 million in series A financing led by venture capitalist firm Ritchie Capital.

MLG produces an annual 7-city pro tour and championship and online programming to highlight and showcase MLG professionals, as well as managing a roster of some of the top gamers in the world. The company intends to utilise the funding to expand its operations, transforming competitive video gaming into a "mass market, global, sports media business."

âFrom the very beginning, weâve been focused on creating a great competitive experience for players and fans, and a compelling business opportunity for sponsors,â commented Mike Sepso, MLG co-founder and CEO. âThis financing will drive rapid expansion of a true media business that will package video game competition for the mass market and provide great upside for everyone who loves this industry.â

Tom Crowley, MD at Ritchie Capital Ventures, added: âAn industry with the broad participation and profound cultural impact of video gaming demands a more structured media-business involvement to support, expand, and energise it. We believe that MLG is uniquely positioned to deliver on the player, fan, and sponsor requirements for legitimate, global, video game competition across all live and media platforms.â

The company has also announced the appointment of Matthew Bromberg to the role of company president and chief operating officer, focusing on the development of MLG's media properties business. Bromberg served as publisher and general manager of CMP Media's TechWeb Network, and prior to joining the company, worked for six years at AOL Time Warner.

As general manager of MovieFone, Bromberg built the business into the world's number one movie site, according to MediaMetrix, and in his role as general manager of AOL Games, he transformed the business into a significant driver of advertising revenue and transaction and premium service fees for AOL.

MLG is the worldâs first professional videogame league, creating new opportunities for players, developers, publishers, media partners, and advertisers. The company aims to shape the excitement and enthusiasm around competitive gaming into the first major video game entertainment brand with the support of major sponsors.