SoStronk, an esports gaming platform, has raised an undisclosed amount from IP Ventures.
“We’re really excited to partner with IPV and will utilise the funds for R&D and growing the team, with a focus on marketing, development and QA,” Prashant Prabhakar, co-founder at SoStronk said.
SoStronk was founded by Prashant Prabhakar and Karan Mishra in 2016. The platform is a tech enabler in the esports industry, with its first product claiming to be a dominant playing platform in the Indian and South East Asian markets.
The startup has a B2C arm, where it gives service offerings to competitive gamers for a subscription, as well as, a B2B arm, where it has been the crucial entity behind running most of the major online and offline tournaments in the region.
Ankur Mittal, Co-Founder, IP Ventures, said, “SoStronk empowers competitive gamers by bridging the gap between the game publisher and the user. It also provides tech infrastructure, support and production to esports tournament organizers.”
While, the startup says that esports gaming is a sunshine industry with estimated revenues exceeding $3 billion by 2022 and growing at a CAGR of 15-20 percent for the past 5 years.
Within Asia, SoStronk is strategically positioned to take maximum advantage of this potential, with server locations in Singapore, Hong Kong, Taiwan, Mumbai, Bangalore, Delhi and Chennai.
Tanmaya Vats, angel investor, IP Ventures said, “Esports is a very attractive segment with revenues already exceeding $1 billion. SoStronk is a platform created for gamers by gamers. More than half of 200 million+ esports enthusiasts are based in Asia and SoStronk has built a strong presence in the CSGO space here.”