Players’ Lounge raises $10.5M in funding, plans future expansion
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Players’ Lounge, the prize-based gaming platform, announced it has closed its Series A round of funding, where it raised $10.5 million. It plans to use the funding for its next round of expansion outside the realm of sports games.
Griffin Gaming Partners led the round, with Comcast Ventures, Samsung Next, Vice Ventures, WndrCo, Sharp Alpha Partners, True Capital, Myles Garrett, Josh Norman and Breanna Stewart participating. Since it launched, Players’ Lounge primarily hosts sports game events. Now, it plans to expand out of the sports genre, adding support for the likes of Call of Duty, Fortnite, and others.
Players’ Lounge made its mark as a wagering platform specific to consoles and PC games. Austin Woolridge, one of the co-founders of the platform, told GamesBeat in an interview, “Our vision has been to give gamers — all gamers, regardless of their skill level — the ability to earn and win money playing their favorite triple-A video games.”
As part of its next phase of expansion, Players’ Lounge is expanding to all players. It will offer players their own challenges to match their skill level, for which players can win prizes if they complete those 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 gamers in a head-to-head capacity, the new app allows you to win money playing casually against a lobby that has no idea you have money on the line … complete challenges to win money, simple as that.”
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