North American esports organization Dignitas has announced it has raised $30 million in its Series A funding round. With this, they have also formed a parent company named New Meta Entertainment to hold Dignitas. More importantly, the main purpose of the funding round was to provide the new Clutch Gaming merger with extra capital for its future expansions.
The OGs are back ✊😤
— DIG (@dignitas) September 26, 2019
New Meta Entertainment
With Clutch Gaming recently qualifying for the upcoming 2019 League of Legends World Championships, this announcement makes sense. Clutch Gaming will continue into the 2020 LCS season under the Dignitas brand, which has existed in League of Legends since 2013. However, the organization was denied a franchise slot when applying in 2018. This is the reason for why Dignitas took an alternate route for entry.
“We describe ourselves as a digital sports and entertainment company. We have for the past year been putting together a vision for a multi-pronged, integrated company,” said Michael Prindiville, the CEO of New Meta Entertainment and former CEO of Dignitas. “Too often, esports organizations are making a single business out of esports. The reality is a diversified business is the way to go.”
New Meta Entertainment will encompass the Dignitas esports organization, but also a section that produces and markets esports content. There will be a third section for investments in the esports space as well. According to Prindiville, the organization wants to build a “single global brand” under the Dignitas name. The organization currently also has teams in Super Smash Bros., Rocket League, Smite, CSGO, and Clash Royale.
The investors in the Series A funding round include Dignitas parent company Harris Blitzer Sports & Entertainment, Fertitta Entertainment, Delaware North, Susquehanna Private Equity Investments, and hip hop trailblazer Steven Rifkind. The investment will be used to cover the Clutch Gaming merger and other projects.
Dignitas recently opened up a 3,000 square foot headquarters in Newark, NJ for gaming and production. New Meta Entertainment will open a facility in Los Angeles as well. This partnership will allow Dignitas to expand to new titles and develop talent as it builds itself into a top tier esports organization.