Through a press release, Sentinels have announced that its ownership group have injected $3.4 million USD to the company as ‘additional capital.”
Right after raising 150,000 USD through a crowdfunding campaign on StartEngine, Sentinels have revealed that the company is receiving a hefty sum of $3.4 million USD as capital from its ownership group.
The October 30 press release revealed that the cash injection will enable Sentinels to “continue to conduct usual operations and expand to new esports endeavours.” reassuring fans that the organization isn’t going anywhere.
Sentinels recently received a lot of flak from the community after disclosing the organization’s financial troubles due to sizable content creator and player salaries.
Happy to share with you all that the ownership group continues to be committed to the @Sentinels brand and the @Sentinels fan base. pic.twitter.com/wQpmoEOjHf
— Rob Moore (@robmooreEsports) October 30, 2023
Earlier, the crowdfunding campaign on StartEngine revealed that if the campaign turns out to be unsuccessful, the org would only be able to operate for 2-3 months, presented individual investors with a lot of financial risks. Sentinels CEO Rob Moore revealed later that the crowdfunding campaign is simply an opportunity for fans to invest in their favorite Valorant organization and that they wanted to be as transparent as possible to their investors about the org’s current state. However, these revelations are now a thing of the past as the organization have received a sizable investment from their internal ownership group.
Sentinels to significantly improve the company’s “burn-rate”
The company also revealed that it has downsized its player expenditure due to ‘industry-wide reductions in player costs.” The crowdfunding campaign, however, ends on November 3 and fans can still get a piece of the org along with various other perks.
Sentinels have bet their next investment on funds generated through in-game cosmetics sales in its the organizations’ flagship competitive title, Valorant. More information about the same is said to be revealed early next year in 2024.
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