E-sports brand FaZe Clan is to IPO next week via a SPAC with B. Riley Principal 150 Merger Corp in a deal which will see the brand valued at almost $1bn.
The newly-listed company, which was founded in 2010, will be known as FaZe Holdings. FaZe has not yet made a profit but has reached revenues of $38m which are expected to increase to $50m in the current year. The $300m of funds raised will allow the brand to grow including through acquisition. The company plans to expand its reach in content, entertainment, gaming and consumer merchandise.
FaZe Clan reaches an audience of 350m on social media and has a portfolio of e-sports championship winning teams. Eighty-five of the company’s influencers live in a California gaming compound and create social media videos. Yes.
