Nerd Street Gamers secured $5.4 million in additional investment from existing investors on the way to a goal of $35 million by the end of the year, according to multiple media reports.
Nerd Street has secured $10 million so far to keep up with its growth. The latest round of investment, a convertible note that could lead to Series B, according to The Esports Observer, comes on the heels of a $12 million Series A investment the Philadelphia-based company raised in the fourth quarter of 2019.
The esports company specializes in LocalHost, a storefront-model in-person gaming experience, but it was forced to pivot to online when the coronavirus pandemic hit in the U.S. NSG CEO John Fazio told Technical.ly the company saw a 900 percent increase in membership growth this spring with online gamers.
Beyond the pandemic, NSG plans to open more than 100 esports venues in Five Below stores as well as stadiums and college campuses over the next five years, per The Esports Observer.
In addition to Five Below, Nerd Street counts Comcast Spectacor as well as capital venture firms Elevate Capital and SeventySix Capital as investors, The Esports Observer reported.
—Field Level Media