FaZe Clan Gains $22.7 Million Investment Loan From Canadian Bank
FaZe Clan, a popular esports organization, has just obtained a $22.7 million investment loan from a Canadian investment bank.
FaZe Clan, a popular esports organization with teams in games such as Call of Duty and CS:GO, has just obtained a $22.7 million investment loan. Canaccord Genuity, a Canadian investment bank, announced that the organization entered into a convertible loan facility worth $22.7M. Canaccord Genuity acted as the financial advisor to FaZe Clan for the loan, and has also been given a seat on FaZe Clan’s board of directors.
The plan for the loan has not yet been revealed. Many have speculated that FaZe might build its own headquarters and training facility, similar to the ones developed by 100 Thieves and Team Envy, but it’s currently unlikely. The organization has recently developed a Call of Duty franchised team, and is also exploring other creative areas like apparel and entertainment.
Erik Anderson, FaZe Clan’s Head of Esports, claims the organization has its eyes on the big picture. “I get why some of the teams are putting those facilities in place.” He continued, “[However], there’s ample boot camp space out there for our teams to use [while] traveling around the world. For us, we have a lot of players around the world so it is logistically harder to have something until we consolidate everybody in one place. We don’t think it’s fully necessary just yet.”
Anderson added, “We’re a mainstream gaming organization and we define that by focusing on the lifestyle around what our community pays attention to and cares about. I don’t think you can separate the esports part from the rest of what FaZe is as a whole—it’s a very important part of what we do, but it’s not the only thing that we do. The media and entertainment stuff is equally as important, if not more so.”
With the number of eyes and investors trying to dig their way into FaZe’s mission, it’ll be interesting to see what the organization develops next.