M80 Raises $3 Million in Seed Funding to Explore Web3 Offerings and Expand Presence in Esports

M80 Raises $3 Million in Seed Funding to Explore Web3 Offerings and Expand Presence in Esports

The esports industry has been a topic of debate recently, with concerns about its future. However, organizations like M80, which was launched just six months ago, firmly believe that the industry is far from dying.

M80, a newly established organization by XSET veterans, has announced that it successfully raised $3 million in seed funding. The funding round was led by ExpertDojo, with participation from VT Technology Ventures and Practical Venture Capital. According to a statement, the funds will be utilized to explore Web3 offerings and enhance M80’s involvement in esports competitions, content creation, and consumer products.

At present, M80 boasts professional esports teams in popular competitive games such as Valorant, Rocket League, Rainbow Six: Siege, and Street Fighter. The organization was co-founded by CEO Marco Mereu and Nate Schanker, who previously worked together at the renowned esports organization XSET, where Mereu served as a co-founder and Schanker led social media strategy.

In response to concerns about the current state of the esports landscape, which has witnessed layoffs, declining stock prices, player strikes, and teams being put up for sale, Mereu expressed confidence in the industry’s resilience.

Mereu stated, “The esports industry, much like the rest of the world, is facing economic uncertainty that compels teams, publishers, and brands to reassess their strategies. I firmly believe that the industry’s adaptation to these changes will contribute to its long-term sustainability.”