Total amount raised
$287.3 Millions
Latest funding date
12/01/2020
Location
Skillz has successfully raised significant funding through multiple rounds, with notable investors such as Neuberger Berman and Fidelity backing the company. The platform offers a competitive mobile gaming experience, allowing players to compete in head-to-head matches and tournaments for real money and prizes.
Keep reading to explore the intricacies of Skillz's fundraising journey and the investors supporting this innovative platform.
What Is Skillz?
Skillz, founded in April 2012 by Andrew Paradise and Casey Chafkin, is a prominent player in the mobile gaming and eSports industry. Based in Las Vegas, Nevada, the company has grown to employ between 101 and 250 people.
Skillz offers a competitive platform for mobile games, enabling developers to create successful franchises by integrating social competition. The platform hosts billions of tournaments for millions of players worldwide, providing real money and prizes through skill-based competitions.
How Much Funding Has Skillz Raised?
- Round Name: Series A
- Amount Raised: $5.5M
- Date: June 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the platform.
- Round Name: Series B
- Amount Raised: $15.1M
- Date: September 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform and increase user acquisition.
- Round Name: Debt Financing
- Amount Raised: $3M
- Date: September 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for operations.
- Round Name: Series C
- Amount Raised: $16.4M
- Date: December 2017
- Lead Investors: Titanium Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the rollout of new technologies and enhance platform capabilities.
- Round Name: Debt Financing
- Amount Raised: $8.6M
- Date: December 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for operations.
- Round Name: Series D
- Amount Raised: $23.2M
- Date: October 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform and increase user acquisition.
- Round Name: Debt Financing
- Amount Raised: $31M
- Date: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for operations.
- Round Name: Series D
- Amount Raised: $25M
- Date: August 2019
- Lead Investors: WestCap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion efforts.
- Round Name: Series E
- Amount Raised: Not publicly disclosed
- Date: May 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion efforts.
- Round Name: Post-IPO Equity
- Amount Raised: $159M
- Date: December 2020
- Lead Investors: Fidelity, Neuberger Berman, Wellington Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To raise additional capital to support growth and expansion post-IPO.
Total Amount Raised: $286.8M
Current Valuation: Not publicly disclosed
Key Investors
- Neuberger Berman
- Details: Neuberger Berman is a global investment management firm. It offers a range of investment solutions to institutions and individuals worldwide.
- Investment Focus Areas: Equities, fixed income, alternatives
- Notable Investments: Not publicly disclosed
- Fidelity
- Details: Fidelity is a multinational financial services corporation. It provides investment management, retirement planning, portfolio guidance, and brokerage services.
- Investment Focus Areas: Mutual funds, brokerage, retirement services
- Notable Investments: Not publicly disclosed
- Liberty Global
- Details: Liberty Global is a leading international telecommunications and television company. It operates in over 30 countries across Europe, Latin America, and the Caribbean.
- Investment Focus Areas: Telecommunications, media, technology
- Notable Investments: Various media and telecommunications ventures
- Telstra
- Details: Telstra is a major telecommunications and media company in Australia. It provides a wide range of communications services globally.
- Investment Focus Areas: Telecommunications, media, technology
- Notable Investments: Various technology and telecommunications sectors
- WestCap
- Details: WestCap is a growth equity firm. It focuses on investing in technology-enabled companies.
- Investment Focus Areas: Technology, growth-stage companies, financial services
- Notable Investments: Not publicly disclosed
What's Next for Skillz?
Skillz stands at the cusp of significant growth opportunities, driven by its expanding mobile eSports platform and innovative technologies like the eSports ticker and multi-app chat. With over 12 million gamers and half a million daily competitions, the potential for increased user engagement and partnerships with more game studios is immense.
Future fundraising rounds seem likely as Skillz continues to innovate and attract interest from major investors. The company’s strategic partnerships with media giants like Telstra and Liberty Global could pave the way for further investments, enhancing its market reach and technological capabilities.
However, Skillz must navigate challenges such as intense competition from other eSports platforms and maintaining user satisfaction as it scales. Staying ahead of technological advancements and industry trends will be crucial for sustaining its growth trajectory.
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