Norwegian esports organization Heroic recently held a meeting with investors to try to raise more money, as first reported by Pley. This extraordinary general meeting was called by Heroic’s board of directors on March 13, who referenced a document from Jan. 30 that says Heroic needs NOK 80 million (around $7.5 million) to stay afloat until the end of 2025.
The same document, however, says Heroic needs to raise a minimum of NOK 10 million (around $930,020) by this summer. Heroic currently houses the No. 2 CS:GO team in the world, according to HLTV’s rankings. It’s unclear what steps Heroic would take if it can’t raise money in time to keep the org and team afloat.
Heroic hasn’t published its annual report from 2022 yet, but in 2021, the organization didn’t make a profit. The loss was estimated at NOK 25 million (around $2.34 million), according to the head of finance and investor relations Joachim Harg, as you can see below.
Heroic was founded in August 2016 and was bought by Omaken Esports in February 2021. Apart from CS:GO esports, Heroic also has teams in Rainbow Six Siege and Sim Racing. The R6 team finished top-16 at the Six Invitational in February 2023 and doesn’t often produce the same level of results as the CS:GO team. CadiaN and his men won the BLAST Premier Fall Final in November 2022 and finished in second place in other important tournaments like IEM Rio Major in November and IEM Katowice in February 2023.
Dot Esports has reached out to Heroic for comment.
Update March 21 8:55am CT: Heroic has called for a new meeting next week as it failed to raise enough money at yesterday’s meeting.
Published: Mar 21, 2023 08:55 am