Envy Gaming has raised $40 million in a Series C investment round led by $28.5 million from broadcasting company Gray Television.
Envy Gaming, based out of Dallas, was founded in 2007 by Mike Rufail. The organizations owns the Dallas Empire in the Call of Duty League and the Dallas Fuel in the Overwatch League, and also competes in titles including Valorant, Rocket League, Smash Bros and Halo.
Gray Television will join Envy Gaming’s ownership group, which also includes musician Post Malone and Texas Rangers minority owner Ken Hersh, and name two directors to the board.
“We’re excited to lead this investment in Envy Gaming, an organization known for breaking ground and pushing the limits of what the future holds for gaming and entertainment,” said Hilton H. Howell Jr., Gray’s executive chairman and CEO.
The Atlanta-based Gray Television is listed on the New York Stock Exchange (GTN) and owns stations and digital properties in 94 markets.
In addition to adding Post Malone to the ownership group, in the past 12 months Envy Gaming has won the inaugural CDL championship, added popular female streamers Alexandra Botez and Andrea Botez and opened a 21,000-square foot training facility in Dallas.
The organization also partnered with Belong Gaming Arenas to establish multiple gaming centers in North Texas.
“From the first time we talked to Gray, it became evident to me that our leadership team and winning culture at Envy had found a perfect partner to help continue our great success,” said Rufail.
–Field Level Media
