Esports fantasy startup FanClash raises $40M in Series B round

Indian esports fantasy startup FanClash has raised $40M in its Series B funding round.

The basics: FanClash is a relatively new company but it's evidently hitting its stride.

• FanClash was founded in 2020, not long after the global health situation hit, with the intention of allowing esports viewers to play in fantasy leagues based on popular competitive games.
• The fantasy concept enables viewers to wager money based on their knowledge to increase the stakes of matches and tournaments. Fantasy sports are especially big in India when it comes to cricket.
• The platform covers popular titles like Counter-Strike: Global Offensive, League of Legends, Call of Duty, Dota 2, Free Fire, and PUBG Mobile. It's currently established in India and the Philippines.

The investment: It's not been too long since the company raised its Series A.

• The Indian startup has raised $40B in its Series B, a dramatic increase from its $10M Series A in August 2021.
• Contributors in this new round include Web3 company Polygon (formerly known as Matic Network), Sequoia Capital India, Alpha Wave Global, and Info Edge India.
• The capital will be used to help FanClash expand into new territories as part of a "global expansion," hire new employees, and acquire new users. It's already live in India and the Philippines and aims to launch in the U.S. and Vietnam in early 2023.