Mineski Global, a Philippines-founded Asian esports and gaming startup, has raised $10.6 million in a Series A funding led by Exacta Capital Partners, its chairman and CEO Ronald Robinson Robins confirmed to DealStreetAsia.
The deal, advised by Rocket Equities, was led by Exacta Capital Partners, a SE Asia-focused PE fund manager, with participation from New York-based Endeavor Catalyst.
Robins said the funding round comes as Mineski, a brand under TEG Holding Pte Ltd, saw record-breaking numbers in terms of viewership in esports broadcasts in Southeast Asia during the global pandemic.
Founded in 2004, Mineski has a track record of holding esports tournaments in the Philippines, Indonesia, Thailand, Malaysia, Singapore, Vietnam, and some parts of the world.
“It’s a very interesting time in esports and our numbers are increasing by the week,” Robins said, adding that the funding round was the first institutional money for Mineski and one of the biggest in esports in Southeast Asia.
Mineski, Robins added, has more than 1.5 million users and 250 staff spread across Southeast Asia. It also has brand partnerships with Montoon, Tencent, Riot, Globe Telecom, Gameloft, Oppo, Acer, Plan B, and Oreo.
With the fresh funding, Mineski seeks to expand further in Southeast Asia and prepare for expansion in other countries outside the region. It also aims to invest in people, restructure the organisation, and boost its technology.
“We want to fortify Southeast Asia while expanding in other countries, build a larger network, and invest in companies that have potential,” Robins said.
According to a report released by Tencent and Newzoo, esports in Southeast Asia is expected to hit $72.5 million in revenue by 2024. The growth rate is nearly double the global CAGR of +11.1% for the sector.
The report also noted that esports is already gaining credibility and acknowledgment in academic circles. In Malaysia, the Asia Pacific University of Technology & Innovation (APU) offers skills-based esports certification programmes.
In Indonesia, esports is also shaping up as a viable professional career path for talent.
Robins said he expects esports to skyrocket in the next three years as content that people can consume at home. The further development of augmented reality and artificial intelligence will also help propel the industry, he added.