Singapore esports organization Team Flash bags $1.5m in seed funding

Team Flash, a Singapore-headquartered esports organization, has raised US$1.5 million in a seed round led by local family office Octava.

Before this funding round, Team Flash received investments from private investors, including regional sports marketing agency Reddentes Sports.

Photo credit: Team Flash

Team Flash currently employs more than 30 professional esports players and content creators across Vietnam, Singapore, and Indonesia for competitive game titles such as Arena of Valor, League of Legends, FIFA, and PUBG Mobile. All in all, the organization has brought home US$620,000 in prize money since 2017, according to a statement.

The team will use the new capital for its international expansion and further growth in Vietnam. It also plans to scout for more esports players and content creators across the region, focus on brand sponsorships and media partners, and launch a dedicated merchandising arm later this year.

“Our goal is to establish Team Flash as an international esports organization in the next 12 months, alongside our dedicated team members across the region,” said CEO Terence Ting.

Since its inception in October 2017, Team Flash has amassed a following of more than 2 million fans across all team and player channels, the organization claims. Its Vietnam staff were recently crowned world champions at the AOV World Cup, winning US$200,000 in prize money and the country’s first esports international title.

“With the rise of esports over the past decade, Southeast Asia has seen significant growth despite traditionally lagging behind our international counterparts due to a lack of capital investment and infrastructure,” said Ting.

According to games and esports analytics firm Newzoo, the global esports market will generate revenues of US$1.1 billion this year, up 26.7% from 2018. It also expects the industry to generate US$1.8 billion in 2022.

One company in Southeast Asia looking to capitalize on that growth is Indonesian media firm IDN Media, which acquired multiplatform esports company GGWP.id earlier this year. “We believe that the esports phenomenon has just begun,” Winston Utomo, co-founder and CEO of IDN Media, said previously.

Indonesian conglomerate Salim Group also signed a partnership with esports events organizer ESL in September of last year, allowing the latter to host esports championships in the country.

Thailand-based virtual reality startup Infofed, which received an undisclosed amount of investment from Singapore venture capital fund KK Fund and Thai events marketing platform EventPop Shows in February, plans to be a regional esports organizer.

Asia’s largest martial arts sports media firm, One Championship, is also betting on esports with a planned investment of US$50 million to hold tournaments throughout the region via a partnership with Razer.