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Team Vitality raises $22.7 million to lift European esports

November 26, 2018 / DEAN TAKAHASHI

European esports organization Team Vitality has raised €20 million, or $22.7 million, in an investment from entrepreneur Tej Kohli.Team Vitality said it believes the investment is the largest ever for a European esports team. The sector is hot now, as market researcher Newzoo expects the business of esports to reach $1.7 billion in revenue by 2021.The investor and the team are expecting that Europe’s esports sector will eventually rival Asian and North American esports markets.“Esports is the future of both sport and entertainment and Vitality is one of the biggest and most exciting European teams,” Kohli said in a statement. “I’m thrilled to accompany them on their journey, as they look to become the number one esports team in Europe, and ultimately worldwide. I look forward to using my 40 years of business and technology experience to assist the management team in building a well-respected, world-class team, which will be a dream for every gamer and...