[Funding alert] Esports gaming startup SoStronk raises undisclosed sum from IP Ventures
SoStronk, a Bengaluru-based esports gaming platform has raised an undisclosed amount of funding from IP Ventures. Founded in 2016 by Prashant Prabhakar (CEO) and Karan Mishra (CTO), SoStronk is a tech enabler in the esports industry, with its first product claiming to be a dominant 'playing' platform in the Indian and South East Asian markets.
Ankur Mittal, Co-Founder, IP Ventures, said,
“SoStronk empowers competitive gamers by bridging the gap between the game publisher and the user. It also provides tech infrastructure, support and production to esports tournament organizers."
The startup has a B2C arm, where it gives service offerings to competitive gamers for a subscription, as well as, a B2B arm, where it has been the crucial entity behind running most of the major online and offline tournaments in the region.
“We're really excited to partner with IPV and will utilise the funds for R&D and growing the team, with a focus on marketing, development and QA,” Co-founder and CEO Prashant Prabhakar said.
According to the startup, esports gaming is a sunshine industry with estimated revenues exceeding $3 billion by 2022 and growing at a CAGR of 15-20 percent for the past 5 years. Within Asia, SoStronk is strategically positioned to take maximum advantage of this potential, with server locations in Singapore, Hong Kong, Taiwan, Mumbai, Bangalore, Delhi and Chennai.
SoStronk has also raised an angel funding, strategic seed funding and a Pre-Series A round since its inception, and further aims to diversify the bouquet of games and expand into new geographies like Australia and Indonesia.
IP Ventures angel investor Tanmaya Vats said,
“Esports is a very attractive segment with revenues already exceeding $1 billion. SoStronk is a platform created for gamers by gamers. More than half of 200 million+ esports enthusiasts are based in Asia and SoStronk has built a strong presence in the CSGO space here.”
Akshat Rathee, the Managing Director of NODWIN Gaming, is also a strategic investor in the esport gaming startup.
(Edited by Suman Singh)