Industry
On March 29, Norwegian esports organization Heroic successfully completed a planned capital raise of NOK 10 million (approximately 1 million USD) through the issuance of preferred shares, primarily acquired by existing shareholders.
"We are grateful for the confidence and continued support of Heroic and will continue pushing the company’s agenda together with our Board of Directors. Following this event, we are looking forward to an exciting season of esports entertainment, with great events for our organization, fans and strategic partners. With the upcoming CS:GO Major in Paris, and the massive hype following the launch of Counter-Strike 2, 2023 will be an extraordinary year for professional esports," noted the organization's statement.
Earlier Heroic's management tried to raise larger sums of money but this didn't materialize.
It is not known how long these funds will sustain the organization. However, through pley.gg on 30 January 2023, former Heroic CEO Joachim Haraldsen said that the company will need NOK 80 million to sustain its business until the end of 2025, of which, a minimum of NOK 10 million will be needed before Summer 2023.