Players' Lounge Raises $10.5M in Funding, Plans Future Expansion

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Players' Lounge, the prize-based gaming platform, announced that it had closed its Series A funding round, in which it raised $10.5 million. It plans to use the funding for its next phase of expansion outside of sports games.

Griffin Gaming Partners led the round, with participation from Comcast Ventures, Samsung Next, Vice Ventures, WndrCo, Sharp Alpha Partners, True Capital, Myles Garrett, Josh Norman and Breanna Stewart. Since its launch, Players' Lounge has primarily hosted sports gaming events. Now it plans to expand outside of the sports genre, adding support for Call of Duty, Fortnite, and more.

Players' Lounge has established itself as a betting platform specific to console and PC games. Austin Woolridge, one of the platform's co-founders, told GamesBeat in an interview, "Our vision has been to give gamers - all gamers, regardless of skill level - the opportunity to win and earn money playing their favorite triple-A video games."

As part of its next phase of expansion, the Players' Lounge is expanding to all players. It will offer players their own challenges corresponding to their skill level, for which players can win prizes if they complete these challenges. Woolridge also added that the company plans to launch a mobile app in Q3 2022. Woolridge added: "Instead of having to play against other players one-on-one, the new app allows you to earn money by playing casually against a lobby. who has no idea you have money at stake… complete challenges to earn money, as simple as that.”

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