EVOS Esports parent snags US$12m in Series B round led by Korea Investment Partners

ATTENTION Holdings (ATTN), the parent company of Indonesia-based professional e-sports organisation EVOS Esports, has raised US$12 million in a Series B investment round led by Korea Investment Partners, the company announced on Friday.

Other participants in the funding round include Mirae Asset Ventures, Woowa Brothers, Indogen Capital, as well as several family offices across South-east Asia and Japan.

ATTN's existing investor, Insignia Ventures Partners, also participated in the round.

Insignia funded some US$3 million of the startup's Series A round in November last year, which raised a total of US$4.4 million. The remaining US$1.4 million came from a group of angel investors from Indonesian conglomerates, as well as from the top-level management of a leading e-commerce player in China.

Chief executive officer of ATTN, Ivan Yeo, said: "Korea Investments Partners are the leading investors in the e-sports and gaming space, and we are excited that they have decided to join us on our journey.

"With their global portfolio and in-depth experience in this industry, we believe that we have secured the right partners to bring our company to the next level."

Park Sang-Ho, executive director of Korea Investment Partners, will be joining ATTN's board of directors. He said e-sports is one of the fastest-growing industries.

"(ATTN has) a clear roadmap moving forward and that we believe they are on track to building the largest e-sports ecosystem in Asia," he added.

According to ATTN, revenue from its livestreaming arm has doubled since the start of the year, and continues to peak month after month. The company also said its overall revenue has surpassed last year's numbers despite the Covid-19 pandemic.

EVOS, which operates in five South-east Asian countries, has grown to be the sixth-largest e-sports brand globally, ATTN said. Notable partners of EVOS include financial services company Visa and e-commerce firm Lazada.

Looking ahead, Mr Yeo said global e-sports revenue is projected to grow at a compound annual growth rate of 15 per cent, with the region showing the highest growth rate at 24 per cent.

"As the countries we are operating in are still largely untapped, we intend to maximise this opportunity and are well-positioned to launch the region's first-ever e-sports platform," he added.