High School Esports Platform PlayVS Gets $30M Series B Funding Led by Los Angeles Dodgers
*By Brandon Brathwaite*
PlayVS, a start-up created to build an infrastructure for high school esports, has announced a new Series B funding round of $30.5 million on Tuesday morning. The new infusion of capital was led by Elysian Park Ventures, a firm that operates on behalf of the Los Angeles Dodgers ownership group.
The new funding will also bring in new investments from Adidas, Samsung NEXT, and Plexo Capital.
Angel investors include: Sean “Diddy” Combs, David Drummond (an early employee at Google ($GOOGL) and now SVP of corporate development at Alphabet), Rahul Mehta (Partner at DST Global), Rich Dennis (Founder of Shea Moisture), Michael Dubin (Founder and CEO of Dollar Shave Club), Nat Turner (Founder and CEO of Flatiron Health), and Johnny Hou (Founder and CEO of NZXT).
New Enterprise Associates, Science Inc., Crosscut Ventures, Coatue Management and WndrCo will also continue their investment in PlayVS. The funding comes after PlayVS secured $15 million in Series A funding last June.
In a press release, Tucker Kain, CFO of the LA Dodgers and Managing Partner of Elysian Park Venture said of the latest: “With PlayVS, we have found a model that works, built on a powerful platform that delivers an unparalleled player experience and will have a profound impact on the future of youth sports across the country.”
In addition to the $30 million, PlayVS will launch new game partnerships with Psyonix and Hi-Rez Studios, publishers of “Rocket League” and “SMITE,” respectively. The two new game titles will be joining Riot Games’ “League of Legends.”
PlayVS will now be expanding its platform from its initial five early-access states of Connecticut (CIAC), Georgia (GHSA and GISA), Kentucky (KHSAA), Massachusetts (MIAA) and Rhode Island (RIIL) to include high schools within Alabama (AHSAA), Mississippi (MISSHSAA), and parts of Texas (TCSAAL).
Club Leagues will also be launched in five new states – Florida, Illinois, Ohio, Pennsylvania and Texas. Club Leagues will have full access to the PlayVS platform and have a similar season structure.
“We're honored to have the support of the LA Dodgers, which has one of the best ownership groups in major league sports and are one of the earliest investors in esports. They collectively share our vision for what the future athlete looks like,” PlayVS Founder and CEO Delane Parnell said in a statement.
“One of the reasons we're most excited about esports is accessibility. With this new round of funding and the addition of Rocket League and SMITE, we're able to take another huge step forward as we open the pathway for more students to compete and be recognized in the burgeoning esports industry.”
The inaugural season of PlayVs will begin in February of 2019.
New York quickly became the sports betting capital in the United States following an electric debut earlier this month. Cheddar News was joined by Chad Kornett, VP of Government Relations for Gaming at Geocomply to dive into the numbers.
Exercise equipment maker Peloton is attempting to run away from a recent bout of controversy. CEO John Foley published an open letter to employees on Thursday after reports that said Peloton was pausing production of its Bike and Tread products, delaying the opening of a new U.S. factory, and considering job cuts. In the letter, Foley wrote that the information in the reports was 'incomplete,' 'out of context,' and not reflective of Peloton's strategy. Peloton's stock responded on Friday, with shares bouncing back after falling nearly 24% in the regular session on Thursday. CFRA Research's Director of Research Ken Leon joined Cheddar News' Closing Bell to discuss.
The NCAA has updated its policy on transgender athletes, allowing each sport’s national governing body to make its own decisions for transgender participation. The new rule is in line with recent changes from the U.S. and International Olympic and Paralympic Committees. Joanna Hoffman, communications director of Athlete Ally, joined Cheddar News to discuss the potential impact of the new rule on the transgender community.
The NCAA voted to streamline their constitution at their annual convention on Thursday. Each of the three college divisions can decide how student-athletes can make money from outside sources but still restricts schools from directly paying its players.
With New York recently announcing the legalization of sports betting, even a greater number of bettors are looking forward to the NFL's divisional round. Derek Carty, a fantasy sports and sports betting analyst, talked to Cheddar about betting strategies for the four upcoming playoff games. "I feel like the Chiefs are a little bit overrated by the markets, and so the Bills here really look good to me," Carty said for the Kansas City and Buffalo matchup. He also pointed to the Green Bay Packers to be the likeliest team to win the Super Bowl this year.
Olivia Harlan Dekker and Sean Green break down and provide their top picks for the NFL Divisional Round this weekend, while Frank Schwab dissects NBA futures and gives his take on the ongoing Nets drama.
Sean Green, co-founder of The Sports Gambling Podcast Network, joins Cheddar Bets to break down the best plays across the AFC Divisional Round matchups.
Sponsored by BetMGM
Frank Schwab, sports betting writer for Yahoo! Sports, joins Cheddar Bets to find the best value down the MVP contender list and make sense of how to bet the Nets at home and on the road.
Sponsored by BetMGM
The drama surrounding tennis star Novak Djokovic continues after he was deported from Australia over the weekend due to the nation's COVID-19 vaccine requirements. Djokovic was forced to leave the country on the eve of what was to be his first match in defense of his Australian Open title after three judges ruled in favor of his removal and revealed their reasoning for doing so. Adding to his woes, a law recently passed in France is putting his chances of defending his French Open title in jeopardy. The director of Marist's Center for Sports Communication, Jane McManus, joined Cheddar to discuss the ongoing fallout.
