Heroic fails to raise funds with investors in first attempt, calls for another meeting to secure operations

There weren't enough investors interested in buying Heroic's shares in the last meeting.

Norwegian esports organization Heroic, most known for its top team in CS:GO, has called for another extraordinary general meeting with investors on March 27 after failing to raise the funds necessary to keep afloat, according to a shareholders’ update on the platform Euronext NOTC today.

Heroic said in today’s update that there was an “insufficient interest of subscribers” in yesterday’s extraordinary general meeting. The organization failed to raise between NOK 12 million (around $1.14 million) and NOK 20 million (around $1.9 million) at 2 NOK (around $0.19) per share and has adjusted the prices for next week. Heroic is looking to raise between NOK 8 million (around $760.000) and NOK 15 million (around 1.43 million), and the shares will be sold at NOK 1 (around $0.095) each or higher in the next meeting.

Screengrab via Euronext NOTC

Related: One of the best CS:GO teams in the world is in dire need of more money

When the Jan. 20 meeting was called, Heroics board of directors referenced a document from Jan. 30 that states Heroic needs NOK 80 million (around $7.5 million) by the end of 2025 to keep the operation running. The Norwegian organization, however, needs to raise at least NOK 10 million (around $930,020) by this summer, according to the same document.

Heroic was founded in 2016 and received a cash injection in February 2021 when Omaken Esports bought the organization. Heroic is currently fielding teams in Rainbow Six Siege and Sim Racing, on top of its CS:GO lineup led by cadiaN.

Should Heroic fail to raise enough money by Summer 2023, it’s unclear what the future holds up for its esports teams, but it’s likely the organization would have to part ways with the players.

Dot Esports has reached out to Heroic for comment.

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