Esports production platform and competition organizer Boom.tv raised a $10 million Series A led by BITKRAFT Esports. The funds will be used to enhance Boom.tv’s tech and its marketing and development budgets, as well as expand the company’s professional-amateur esports tournament series “Code Red.”
“Code Red” launched this year to give hardcore gaming fans the chance to play alongside their favorite pro gamers and gaming influencers for a shot at a $10,000 prize pool. The series has held over 30 events and averages 2.7 million live viewers on a given broadcast, Boom.tv said. “Code Red” will undergo some big changes in its next season, including an extended event calendar, larger prize pools and an expanded roster of leading gaming streamers and personalities.
Boom.tv chief executive Sumit Gupta said the company is also exploring the option of launching celebrity-led tournament franchises — potentially similar to the “Ninja Battles Featuring Fortnite” series recently launched by streamer Tyler “Ninja” Blevins on Microsoft-owned streaming platform Mixer. Boom.tv pulls from its own roster of Twitch stars regularly, including popular “Call of Duty” streamer Herschel “Dr Disrespect” Beahm IV, Jaryd “Summit1g” Lazar, and Nicholas “Nick Eh 30” Amyoony.
“Competitive events are the lifeblood of esports,” Gupta said in a statement. “We’re committed to supporting the under-served public of small, community-first organizations who are looking to broadcast their matches and engage a wider audience. It is a huge market opportunity… and we’re committed to democratizing the esports event experience.”
Boom.tv began live-capturing gaming events and gameplay in 3D in 2016 but pivoted to event organization and operations in 2018. Its technology is used by several leading game developers, including Riot Games, Epic Games, Valve, Activision Blizzard, and Electronic Arts.
Santa Monica-based BITKRAFT Esports Ventures was founded in 2015 by esports entrepreneur and managing partner Jens Hilgers. In addition to backing Boom.tv’s Series A, BITKRAFT helped finance gaming firms including Los Angeles-based Redpill VR, esports analysis and betting platform Action Network, and “Fortnite” developer Epic Games.
“Esports at its heart is challenge and competition,” Hilgers stated. “Boom.tv is all about making organized competition in video games universally accessible for every game and sector: influencers, academic clubs, community organizations, gaming cafes and even just a passionate group of friends who choose Boom.tv to produce, broadcast, and track results of esports competitions.”