XSET is an American professional esports and entertainment organization based in Boston, Massachusetts. It has rosters competing in a myriad of titles, including Fortnite, Valorant, Rocket League and more. They recently announced the completion of its Series A funding round, which secured $15 million in capital for the firm.
They have just celebrated their second year of operation and are already making huge steps forward for the company. Since 2020, XSET has taken huge leaps in the esports industry, signing numerous top-tier content creators and esports teams. This has also had an impact on the odds that are offered in the main Valorant betting sites, as they seem to be improving on a regular basis.
The American organization is now seeking to transcend esports on a gaming level, working to broaden its horizons and reach out further across the industry. Reportedly, the capital acquired in the funding round will be used to invest internally, with their executives seeking new talent and bettering its marketing initiatives. This Series A funding round was led by LightWork Worldwide, a lifestyle brand that is aligning itself closely with the brand, and it was backed by several organizations neck-deep in NFT, web3, and metaverse operations.
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XSET, the story so far
When the brand was founded in 2020, it faced a tough year ahead, emerging at a time when the world was struggling under the weight of a pandemic. However, the organization pushed onwards with great tenacity, and today, the brand is equal parts well-built and well-known. Recently, their Valorant roster stormed to a Valorant victory, securing the top spot at the NA leg of the Valorant Champions Tour.
At present, XSET is a diverse and dynamic firm that also boasts a long roster of content creators, and collectively, XSET has a reach that numbers in the millions. Recently, it was revealed in a report by Newzoo that the esports market is expected to generate approximately $1.8 billion in revenue by the end of 2022 and the XSET executives know they can lead the charge. Greg Selkoe, the CEO of XSET, said the following in regards of the funding round:
“XSET is going to be the dominant brand in gaming lifestyle, and we believe we can grow something massive without burning huge amounts of capital or compromising our values. We do this by being authentic and showing up every day to innovate and providing value across everything our fans love from gaming to streetwear. We will always put the XSET fans first.“
With the wider community sitting at the core of XSET’s esports operations, those at the top of the organization recognise the value found in content creation and top-tier esports tournaments. As the final touches are applied to the $15m funding round, new avenues of opportunity are undoubtedly opening up for XSET. Recently, FaZe Clan became publicly listed on the NASDAQ, becoming the first organization of its kind to do so and paving the way for the rest of the esports organizations out there. It was a monumental moment for esports in general, with FaZe Clan picking up a whopping $725m valuation and opening on the markets with a $13-per-share value.