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FaZe Clan gaming company goes public with $725 million valuation

FaZe Clan gaming company goes public with $725 million valuation

FaZe Clan, an eSports company based in California, has gone public after a SPAC merger saw its value rise to $725 million. Initially, when the merger was announced in October 2021, the company was valued at $1 billion.

B. Riley Principal 150 Merger Corp. absorbed the gaming company, and it now trades on the Nasdaq exchange with the symbol FAZE.

FaZe Clan has players from everywhere in the world and competes in some of the most popular games, including Call of Duty, Counter-Strike: Global Offensive, PlayerUnknown’s Battlegrounds, Tom Clancy’s Rainbow Six Siege, Halo Infinite, Valorant, Fortnite Battle Royale, Rocket League, and Super Smash Bros. Ultimate.

It bought Thai PUBG Mobile and FIFA Online in 2020 to mark its expansion into the Asian market.

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The company owes a lot of its success to the HipHop industry, with several of its founders and board of directors crisscrossing into the industry. For example, rappers Offset, DJ Paul, Snoop Dogg, and Jimmy Iovine (who co-founded Beats Electronics with Dr. Dre) are all listed as owners or board members. 

It also has several popular game streamers and content creators as associates, including Nickmercs, FaZe Rug, Apex, Temperrr, and others.

Besides gaming, FaZe Clan also sells merc and has a shopping line where gamers can buy branded gaming gears. In addition, it owns a studio for filming purposes.

CEO Lee Trink has hinted that the next step for the company is to start partnering with Web3 companies as well as other ideas like gambling, global kitchens, and fan clubs.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.