Andbox Esports Organization Aims to Raise $40 Million
New York Mets-backed esports organization Andbox is currently raising money to break into competitive gaming. Now that’s a sight to see! The New York Mets may have their esports squad soon.
Andbox hired the boutique investment bank Raine Group to help with this fundraising, which is presently ongoing. According to people in the know, Andbox aims for $40 million. Andbox currently owns two esports teams: New York Excelsior (Overwatch League) and New York Subliners (Call of Duty League). But where is this all going?
This Is the Move
Andbox, right now, only has those two esports squads, whereas other organizations have a plethora of teams. Also, both of their teams are in the Activision-Blizzard space (Overwatch and CoD). Those leagues are not cheap either. Both requiring tens of millions of dollars to invest into, much like the NBA or NFL.
We think Andbox’s goal is to be the go-to esports organization for New York, which is the largest media market in the nation. It’s also important to note that the Overwatch League team left Los Angeles for their home city. The Overwatch League now hosts its matches in the League’s hometowns. That means the NYXL will be playing their matches in New York instead of LA. The Call of Duty League has a touring model, as well, which begins in early June.
Sterling.VC, an early-stage investment fund backed by Sterling Equities, launched Andbox last year. They are the family office owned by the Wilpon and Katz families. Sterling, whose assets include the Mets and the regional network Sportsnet New York, is diversifying as it considers a sale of the Mets.
Other investors include the Pohlad family, the owners of baseball’s Minnesota Twins, and investment bank Allen & Co., retained to help with the Mets sale. It seems the owners of the New York Mets are trying to break even deeper into esports. The closest city I can think of that does this, is Atlanta, with Atlanta FaZe and Atlanta Reign.
Other Big Names in Esports
There are other major esports other than Overwatch and the Call of Duty League, too. If you’re looking at Activision-Blizzard, there’s still Hearthstone. We also have League of Legends to consider, as well as Magic: The Gathering Arena. Rocket League is still big, not to mention MOBAs/Mobile Games. Then we can consider PUBG and Fortnite, both of which are still going strong.
This is a pretty fantastic idea if it all goes to plan. What it would mean is that people who live near/in New York will know that there are go-to esports teams to cheer for. With that kind of financial backing, the teams would likely be taken care of, and wouldn’t have to stress about making a living while also competing. With their experience in the New York Mets, they would likely also have access to team doctors and psychiatrists.
Being involved in esports is so much more than playing well. You must be mentally and physically fit, have solid coaching, and a good support system. It sounds like Andbox will do just that if they succeed in expanding their esports hold on New York.