Esports team Cloud9 gets investment from Joe Montana, Reddit cofounder in Series A funding (update)

Investors want into esports, and now they are betting on one of professional gaming’s biggest teams.

Cloud9 has closed out a Series A funding round for an undisclosed amount of money. The organization owns and operates some of the top pro teams in games like League of Legends, Counter-Strike, and Hearthstone, and it wants to expand its presence in the esports market that analysts predict will grow 41 percent to $696 million this year. FunPlus Ventures led the funding. Cloud9 plans to use this influx of cash as well as its partnership with its new investors to build larger sponsorship deals in the future.