Esports tech start Grid Finder is creating new jobs after securing a £100,000 investment to take it to the next level of growth.
The investment will see founders Tom Bunten and Nikhil Patel take on two more developers to help grow the early stage start-up, which has already secured additional funds from private investors. Esports forms part of the global digital leisure growth sector, making Grid Finder a high potential startup.
Its platform helps participants find racing, while helping esport community managers manage their race calendars, results and standings, communication and much more. The deal marks the first equity investment through Creative UK from the North of Tyne Culture and Creative Investment Programme and forms part of a wider equity funding round, which has private match investment of £325,000 plus another £200,000 to £300,000 in soft commitments towards its £1m-plus seed investment round.
Read more: Accountancy group to create 150 North East jobs
Founders Tom Bunten and Nikhil Patel had never met each other before attending a networking event for the Ignite Accelerator at By The River Brew Company in 2021. During the social event, the pair found themselves standing in the same circle of people with angel investor Kevin Beales, introducing themselves and talking about their startup plans.
Mr Bunten talked about his niche platform for the gaming and esports community – and a week later they were in the Everyman Cinema cafe discussing an investment deal with Mr Beales.
On the latest deal, Mr Bunten said: “We are thrilled to have received this investment from The North of Tyne Culture and Creative Investment Programme. The award will enable us to employ two more incredibly talented developers, Chris Honniball (CIO & co-founder) and Kamil Zurek - as well as giving us the funds to bolster our marketing team and strategy.
“This is our second investment round but significantly larger than the first, with more complex mechanisms involved. Creative UK were patient, transparent and incredibly helpful throughout the whole process and it’s a huge boost to know that they have our best interests at heart and are just as motivated to see the business succeed as we are.”
Rahul Misra, investment manager for the North of Tyne at Creative UK, said: “We have been very impressed by the Grid Finder team’s passion - for online racing and for creating solutions for online racing communities. They have seen significant early traction for their platform. Through equity investment and strategic support from the North of Tyne Culture and Creative Investment Programme, we look forward to supporting Grid Finder’s growth.
“The North of Tyne Culture and Creative Investment Programme has a further £1m to invest through loan and equity financing on behalf of the North of Tyne Combined Authority by June 2023 - so we urge creative businesses in the area to get in touch.”
Like this story? Go HERE to sign up for North East business newsletters
READ NEXT
