Heroic’s crucial $1 million fundraise buys time, but CS:GO org still faces financial hurdles

Heroic will make through this summer.

Heroic, a Norwegian esports organization that houses one of the best CS:GO teams in the world, has found enough investors willing to acquire 10 million shares at NOK 1 (around $0.095), according to the latest shareholders update on the platform Euronext NOTC yesterday, and has raised the nearly $1 million necessary to keep operations running for now.

The organization called for an extraordinary general meeting to raise between NOK 12 million (around $1.14 million) and NOK 20 million (around $1.9 million) at NOK 2 (around $0.19) per share last week but stumbled upon an “insufficient interest of subscribers” willing to buy Heroic’s shares at that time.

Despite raising the money necessary to stay afloat for this summer, Heroic still needs to raise NOK 80 million (around $7.5 million) by the end of 2025 to keep the operations running, according to a document from Jan. 30, 2023. Heroic is listed on the European NOTC since February 2021 and since then, saw its stock price plummet from NOK 19.76 (around $1.85) to just NOK 0.80 (around $0.075).

Heroic owns the CS:GO lineup of cadiaN, Martin “stavn” Lund, René “TeSeS” Madsen, Rasmus “sjuush” Beck, Jakob “Jabbi” Nygaard, and head coach Richard “Xizt” Landström. The all-Danish team are currently the third-best in the world, according to HLTV’s rankings, and compete in the two most prestigious franchised circuits in Valve’s FPSESL Pro League and BLAST Premier. Heroic have risen to prominence during online tournaments in 2020 and 2021, and won their first tier-one LAN tournament last year at BLAST Premier Fall Final in November, following a finalist run at IEM Rio Major.

Heroic also has teams in Rainbow Six Siege and Sim Racing, on top of its top-tier CS:GO squad. The organization was founded in 2016 and was acquired by Omaken Esports in February 2021.

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