Nerd Street Raises $6M in Latest Funding Round Led by Konvoy Ventures

North American esports infrastructure company Nerd Street has successfully raised $6 million of the funding was led by venture capital firm Konvoy Ventures, while the remaining $1 million (~£750,905) came from strategic investors.

The newly raised funds will be used to expand Nerd Street’s infrastructure business and open more Localhost collegiate venues across the United States. In 2023, the company opened its most recent venue at Rowan University.

This funding comes after reports in 2023 indicated that Nerd Street faced financial difficulties, including failing to pay players competing in its tournaments. A recent Digiday report revealed that the company took a loan from Riot Games to compensate players and talent, which has since been fully repaid.

John Fazio, Founder and CEO of Nerd Street, acknowledged the company’s recent struggles: “There’s no sugar coating it, we went through a brutal two years in survival mode to get here. We couldn’t have asked for a better partner in Konvoy given their experience, network, and most importantly their passion for the industry. Together, we’re going to build something that amplifies the entire industry.”