News Profit's Takes

100 Thieves Secures $60M In Series C Round

On December 2nd, 100 Thieves announced the company had secured $60 million in a Series C funding round. Based on this number, the company is currently valued at $460 million. According to, this money will be used to support the company’s esports and entertainment arms while helping the organization make more acquisitions in the future.

“I’m incredibly excited about the valuation, but it doesn’t stop here,” said CEO Matthew “Nadeshot” Haag. “Valuation is one thing, but delivering results in the future for our investors and our community and our board members is the number one goal. We really just want to build the most inclusive gaming brand that the world has ever seen. I think we’re well on our way to doing that.”

This financing round was led by Green Bay Ventures. Additional investments came from Breyer Capital, Aglae Ventures, Tao Capital, Willoughby Capital, and Artist Capital Management.

100 Thieves has found a lot of success through these financing rounds. In 2019, the company raised $35 million during a Series B funding round.

The Profit‘s Take:

According to 100 Thieves, some of this money will go towards making acquisitions. This is nothing new though because we have already seen and discussed them purchasing Higround. Other gaming companies must love this news because we are seeing these esports orgs achieve MASSIVE valuations. Given what has happened in the space, and the money that has been raised so far (by companies like FaZe), in that context, $460 million doesn’t seem that far outside the realm of what we should expect for a business like this. The jaded, old man in me does sometimes think, “wow, they are going to have to sell a lot of hoodies to justify this valuation.” I worry for them more than content or media companies because we don’t know where their exit is. At this point, they basically HAVE TO go public, which could cause a whole new slew of problems to arise. No offense to company managers and founders, but I’m not sure that these are the most squeaky-clean organizations. A lot of the people involved with these businesses are college dropouts or lack proper managerial skills. This means, in all likelihood, many of these companies were not built with tremendous care. I worry that bad things will come out under the scrutiny of a public listing, which is a cause for concern for everybody in the industry. I do not want to offend Nadeshot or anybody else in a position like his. However, I don’t know him or how his business has been managed. This is causing me to suspect that not all of these organizations are being built as well as they could be. At this point, there’s not much of a difference between FaZe Clan and 100 Thieves. They’re basically interchangeable tier 1 esports orgs that are centered around merch and brand.

(All information was provided by Forbes and

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