ICON Esports announce $2.15M AUD raise

Ben Scott
February 9, 2021

The Chiefs Esports Club, one of Australia and New Zealand’s leading esports organisations operated by parent company ICON Esports, has today announced the completion of a 2.15 million dollar capital raise to kick off 2021. 

With this raise, ICON has stated that they will be looking to further expand and grow their commercial and business activity across its network; including The Chiefs, with a joint focus on the further development of revenue drivers outside of the core esports organisation.

ICON have also gone on to state that opportunities in the form of strategic mergers and acquisitions and the launch of their new ecommerce businesses - launching in quarter two of this year - will support future ancillary products and expansions for the company.

SQID Technologies Ltd, the company that has invested in ICON Esports, is a payment processor headquartered in Australia with proprietary software for online debit or credit card payments for both retail and wholesale transactions. SQID provides merchants services and transaction processing to business merchants and ecommerce customers across ‘business to business’ (B2B) and ‘business to consumer’ (B2C) segments to bridge both retail and wholesale transactions through its platform.

Athan Lakkas, CEO of SQID, has stated “the team at ICON have done a tremendous job building a sustainable business with significant revenue in an embryonic industry that is set to take off.”

“Even during a global pandemic they have been able to deliver key campaigns with some of the largest brands in the world and solidify themselves as the clear industry leader in the region. With the implementation of SQID’s resources including our payment technology and mobile platforms we look forward to continuing to exponentially grow both businesses together with shared goals and vision for the future,” finished Mr Lakkas.

Nick Bobir, CEO of ICON Esports and The Chiefs, has said in a statement “with the support of SQID Technologies we will be able to further expand upon our position in the market as the leading gaming and esports brand in the region.”

“2020 was a tough year around the world but despite the challenges we were able to successfully grow the brand while building aspects outside of the core esports business. It was also very important to spend the last 18 months building a sustainable business and move into profitability which we managed to achieve. We are excited to now focus on key growth areas across the Chiefs and ICON network in 2021 and beyond,” said Mr Bobir.

News of this investment follows an extremely successful year for The Chiefs Esports Club and ICON Esports in 2020, as we saw the company bring on a wide variety of large partnerships including the likes of L’Oreal Men Expert, Marvel, Optus and many more.

With further capital behind the company, it will be interesting to see how they execute their strategy moving forward in our industry. If you’d like to stay connected with the company, be sure to connect with The Chiefs on Twitter.