Drake Inks $3M Investment Deal with Esports Startup Players’ Lounge
Date Posted: March 29, 2019
Multi-awarded recording artist Drake recently invested in the esports betting startup Players’ Lounge, the company’s CEO Austin Woolridge announced in a Medium article. The Canadian music icon collaborated with tech giants Strauss Zelnick and Marissa Mayer, among others, to raise the $3 million funding now invested in the esports betting platform.
Erin Simon, host of Cheddar Esports, said that Drake’s tie-up with Player’s Lounge will help the startup gain huge exposure. Cheddar tweeted the video of the interview with Simon.
.@Drake is investing $3 million into “Players' Lounge”, an esports platform where gamers can play their favorite video games against others for prizes straight from their living room.@CheddarEsports host, @erinasimon, stops by #CheddarLIVE to discuss the musician’s influence. pic.twitter.com/2HvbGXWkOb
— Cheddar (@cheddar) March 28, 2019
This is not the first time Drake used his money as investment in an esports-related company. Back in October 2018, the artist, in partnership with SB Projects founder Scooter Braun, helped fund the esports apparel company 100 Thieves.
Unlike 100 Thieves, Players’ Lounge helping esports gamers make money playing video games.
Players’ Lounge, founded in 2014 by Woolridge and his long-time friend Zach Dixon, identifies itself as a “platform where gamers can play their favorite video games against others for prizes.” Recalling the humble beginning of the project, Woolridge said:
“Today, players earn millions of dollars in prizes on the site every month and we just closed 3MM in funding. It’s crazy to think this all started because it was tough to fit more than five people in a New York City apartment.”
With bigger funds, the esports platform looks to expand its development team, offer more games, and include a streaming option on its website, among other things.