North American esports organization FaZe Clan had just announced that it has secured funding from Jimmy Iovine and NTWRK in its latest closed-door funding run.
Jimmy Iovine is best known as the co-founder of both Beats Electronics and Interscope Records. Whereas, NTWRK is a mobile e-commerce site known for working with top brands like Nike and Puma, as well as celebrities like Billie Eilish and DJ Khaled
The amount raised in the round of funding was not disclosed nor were the names of other contributors but FaZe still shared some information about the deal with NTWRK.
FaZe Clan has signed an exclusive partnership deal with NTWRK for the direct-to-consumer rights of FaZe Clan’s products and also allows them to release limited-edition merchandise. NTWRK has previously released limited-edition merchandise for the likes of LeBron James and Billie Eilish, FaZe Clan will be their first client in Esports category.
We’re at the birth of a new disruptive entertainment genre. FaZe Clan is a very powerful pipeline into gaming culture and their cultural impact reminds me of the early days of 90s hip hop. The combined reach of FaZe Clan and NTWRK is going to be very powerful.
Jimmy Iovine
NTWRK will without a doubt provide additional rocket fuel for FaZe to continue extending our brand and cultural influence worldwide. We are excited to be aligned with passionate, like-minded partners that will further contribute to our impact on entertainment and youth culture.
Greg Selkoe, President of FaZe Clan
In January, FaZe Clan had entered into a $22.7 million convertible loan facility with Canaccord Genuity and with this recent round of funding FaZe Clan is looking fundamentally strong and might be gearing themselves to make some big announcements soon.
