Fnatic raises $7 million from Boston Celtics owners to beef up esports ambitions

One of the most recognizable teams in esports is preparing to expand.

Fnatic, which is a coalition of pro gaming teams that compete in League of Legends, Counter-Strike, Dota 2, and more, has raised $7 million in a new round of financing. Major participants in this investment include Boston Celtics ownership organization Raptor Group, MIT Media Lab director Joi Ito, Fractal Design chief executive Hannes Wallin, and Hersh Interactive Group. Esports is on pace to reach $696 million in revenues this year without including spending from fantasy esports or gambling, according to industry intelligence group Newzoo. This space could generate as much as $1.5 billion by 2020.