Razer-led funding raised US$3.29m for Australian gaming site

Razer and Esports Mogul will chart initiatives to accelerate electronic payments amongst gamers.

Razer together with Cloud Alliance invested US$3.29m ($4.44m) to Australian gaming site Esports Mogul. The deal will fund the development of Mogul Arena tournament and matchmaking platform, support user acquisition and monetise strategy, Esports Mogul announced.

Listed under the Australian Securities and Exchange (ASX), Esports Mogul saw an oversubscribed placement of 245,000,000 fully paid ordinary shares from the deal at A$0.018 ($0.018) per share.

Aside from the investment, Razer will also partner with Esports Mogul to chart new initiatives in the region to accelerate the proliferation of electronic payments and Razer zSilver virtual reward credits amongst gamers. Meanwhile, Cloud Alliance will support Esports Mogul mobile and web platforms in Asia Pacific.

“We look forward to even greater achievements by the Esports Mogul team and we will work together to increase their growth trajectory,” Razer co-founder and CEO, Min-Liang Tan said.

Headquartered at San Francisco, California, Singapore-grown Razor had raised US$500m ($675.05m) from its IPO launch in Hong Kong Stock Exchange in 2017.