EVA raises €35M to expand European venues, pro leagues

Esports Virtual Arenas (EVA) has secured more than €35 million in a funding round led by Paris-based RAISE Invest to accelerate venue expansion across Europe and to roll out a new competitive structure including an 8-team Pro League and a 16-team Challenger League.

RAISE Invest becomes an active minority shareholder and will provide strategic support through its network and expertise in data and financial engineering. EVA expects the capital to widen its international footprint, expand its venue network in France and fund development of new games and products for its arenas.

EVA has begun restructuring its competitive offering into a permanent European league system. The company confirmed the EVA Pro League and a 16-team Challenger League and has secured participation from eight established European organizations: G2 Esports, Team Vitality, Team Heretics, SK Gaming, GiantX, Shifters, Solary and OG Esports. The leagues will be tied to an ongoing competitive calendar served by EVA’s venue network.

Germany and Spain are identified as priority markets for the next growth phase. EVA plans to open ten new locations in those countries, with sites planned in Krefeld, Granada and Barcelona. These openings will add to existing EVA venues in Cologne, Unna, Madrid and Málaga and follow earlier expansion into other European markets and the United States.

Prior to the latest round, EVA raised early-stage financing to develop its virtual reality arena concept, build games and software, and support initial franchising. In 2019 the startup raised about €2 million and in 2022 it announced a €5 million round. Total prior funding is estimated between €7 million and €11 million. Earlier investors include Bpifrance, Kima Ventures, Apicap, LO Capital, Pareto Holdings and Trust Esport, along with entrepreneurs Jean-Baptiste Rudelle and Alexandre Yazdi.

RAISE Invest is known for backing fast-growing French small and medium-sized companies and will offer EVA access to its business network and technical capabilities. EVA says the new financing will support venue growth and the operational needs of its new league structure as it expands across Europe.