PlayVS Raises $10.5M to Organize Varsity ESports

PlayVS Raises $10.5M to Organize Varsity ESports

Santa Monica-based PlayVS, a platform that organizes high school esports leagues, raised $10.5 million, SEC filings show.

The injection of money comes just as PlayVS is making a push to expand across all 50 states and diversify their offerings. The two-year old company raised $50 million this summer and with the most recent round, the company's total funding jumped over $100 million.

PlayVS declined to comment on the raise, but a spokeswoman for the company said it's "currently focused on growing its business, partnering with schools and continuing to strengthen its mission."

PlayVS partners with the National Federation of State High School Associations and 23 state associations, where it's recognized as a varsity sport. Students can play competitive team games like Rocket League, a game in which a player drives a car to play soccer, to earn a varsity letter and compete for state championships.

Over 21,000 schools and 143,000 students have registered so far. Like with varsity sports, a faculty member is required to supervise. Students register online under their school team, to compete in two seasons during the academic year, aligned with fall and spring sporting seasons. The cost is $63 for each participating student, $1,024 for 16 players per season.

The platform has seen interest rise as COVID keeps school-aged children at home.

Over the summer, PlayVS added Overwatch to their available games, partnering with the game publisher Activision Blizzard for the first time. The company also partnered with Riot Games and Epic Games, and students can compete in League of Legends or Fortnite.

The esports industry was valued at over $1 billion last year, and is expected to grow 24% annually from 2020 to 2027.

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