A stealthy new esports gaming startup has raised $600k of equity financing according to a recent SEC disclosure on parent co. Frendo Ventures.
Formed in 2018, Frendo Ventures DBA Wombo Sports is based in Minneapolis and was cofounded by partners Greg Heinemann, Robert Molhoek, Brian Cooper, and former Minnesota Vikings player Matt Birk.
“We Connect Enthusiasts to the Pros When They Play” says the landing page for Wombo Sports. The company declined to publicly provide further information at this time…
Esports is eating a growing slice of the technology industry; it was estimated to be about a $650m back in 2016 and up to $1.65b by 2021, largely driven by sponsorship and advertising revenues. People now gather live and online by the millions to watch each other play video games in a highly competitive (and paid) manner.
Most notably here in Minnesota – the Timberwolves debut their own pro team called ‘T-Wolves gaming’ that is focused on the NBA 2K franchise, complete with a physical practice center. In the consumer entertainment realm, GameWorks now has a eSports Lounge inside the Mall of America for players to go compete in everything from Counter-Strike to Super Smash Bros. Left Click Lounge in Dinkytown on the University of Minnesota campus also offers a haven for games to gather.
Grand Casinos cofounder Lyle Berman placed a big bet on some eSports properties in December when he acquied two entities for a new comibned venture dubbed Allied Esports Entertainment. Hydra FPV plays in the esports space here with their drone league, while WIN is a multi-faceted firm based out of Minneapolis claiming eight people on board now per Linkedin.
It’s believed that SportsHub Technologies also has a hand in the business of eSports, though serial entrepreneur and CEO Rob Phythian has not spoken to that aspect lately while on their acquisition tear.