As first reported by Forbes, Cloud9 has completed its Series B funding round of $50 million. This round was lead by Valor Equity Partners while other investors in the round include TrueBridge Capital Partners, Reimagined Ventures and Glassdoor founder Robert Hohman. Valor Equity’s founder and managing partner, Antonio Gracias will join Cloud9’s board.
Part of the funding is planned to build out a 20,000 – 30,000 square foot training center in Los Angeles s scheduled for completion at the end of 2019. This is a similar strategy to what Team Liquid and TSM have both done.
Additionally, the new investment will be used to increase the company’s headcount which is currently at 35. It is also planning to set up a retail business.
Ultimately Cloud9 sees youth as the future of esports, and is looking at supporting young future talent through its activities. As Dan Fiden, Cloud9’s president explains, “This will be the esports analogue to a Little League diamond.”
Founded in May, 2013 by the husband and wife team, Jack and Paullie Etienne, Cloud9 secured its Series A funding round almost exactly one year ago on Oct. 23rd 2017 for $20 million. It had an additional seed round in March 2017 for $3 million from the company’s current president, Dan Fiden, bring Cloud9’s total funding to $73 million.