Freestyle Chess debuts with $12M in funding for tournament series

Chess legend Magnus Carlsen and investor Jan Henric Buettner today revealed their new venture, Freestyle Chess, for which they’ve raised €10 million or about $12 million in funding from Left Lane Capital. According to the founders, this funding will go towards the establishment of a new tournament series that aims to “revolutionize the world of chess.” The Freestyle Chess style follows Fischer random rules, in that the player’s back row is randomized.

The new event series features nine Super Grand Masters picked by Carlsen from the 25 members of the Freestyle Chess Players Club for each tournament. The founders held the first such event in February, and plan to have six-to-eight such events throughout the year in various locations. The first three tournaments will offer $750,000 in prizes, while the rest will offer $1 million.