Web3 esports platform FITCHIN raises $3.5m

Web3 esports platform FITCHIN has raised $3.5m (~£2.9m) in a seed round featuring business angels in the cryptocurrency world as well as venture capitalists, gaming personalities and athletes.

The capital will be used to expand on FITCHIN’s three main focuses — infrastructure, community building and partnerships.

According to the release, the focus on infrastructure will accelerate the development of its esports community hubs, tournaments platform and NFT marketplace. In addition to the three main focuses, the funds will be used to onboard the first wave of professional esports teams that will join FITCHIN through membership passes, hosted tournaments and digital collectibles. 

Santiago Portela, CEO of FITCHIN, commented: “We’re very excited to have closed this first round of funding amid the current market conditions. It shows the trust that investors have in our vision, in our team of executives, and in our ability to change and improve upon the ways in which global gaming communities connect.”

The company also announced the appointment of Joe McCann, former Microsoft strategist and notable crypto entrepreneur, as an Official Advisor. Specifically, he will serve as a lead business growth and strategy advisor for the company’s executive team as the platform grows.

Prior to joining FITCHIN, McCann held a similar position at Microsoft where he oversaw mergers and acquisitions, incubations and startups. With over 20 years of experience, he is also the founder and CEO of crypto-fund Asymmetric.

FITCHIN was founded in 2021 by Santiago Portela and is based in Tortola, British Virgin Islands. The company and Portela’s vision is to change the esports ecosystem by providing teams with all the tools to generate new revenue streams through Web3.

The company has published a roadmap detailing its next steps all the way up to 2023. For Q1 2022 FITCHIN will focus on funding and platform development as well as team build-up. The next two quarters will focus on tournament launches along with tokens and NFTs.

In Q4 2022 the platform will prepare for its CEX listing and will also focus on expanding its Metaverse offerings among other things.

Names of the individuals that have invested in FITCHIN’s seed round have not been disclosed.