Envy Gaming raises $40 million investment led by TV company Gray Television

Esports organization Envy Gaming, parent to teams including Dallas Empire, Dallas Fuel and Team Envy, has raised $40 million in a new round of investment, with the bulk from TV company Gray Television.

Alongside their leading $28.5 million investment, Gray Television will name two directors to Envy Gaming’s board of directors.

Envy Gaming not only fields esports teams in Call of Duty, Overwatch, Rocket League, Valorant, Halo and more, but also has a roster of streamers and content creators.

This new funding comes after a year of expansion for Envy, signing numerous new content creators, including the Botez twins, and Warzone personalities BobbyPoff and Sebas Beron. Dallas-based rapper Post Malone joined as a co-owner in August 2020.

Gray Television is described as “one of the largest owners of television stations in the U.S., reaching approximately 24% of U.S. television households.”

“We’re excited to lead this investment in Envy Gaming, an organization known for breaking ground and pushing the limits of what the future holds for gaming and entertainment,” said Hilton H. Howell, Jr., Gray’s Executive Chairman and CEO.

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Envy‘s CEO Adam Rymer said, “Esports and gaming is the fastest-growing area across all of media and entertainment.

“Building global communities through content and engagement, similar to what the world has seen in the music, film and TV industries, is an endeavor we’re incredibly excited to work on with Gray as our partner.”

Mike ‘Hastr0’ Rufial, founder and Chief Gaming Officer at Envy, said: “From the first time we talked to Gray, it became evident to me that our leadership team and winning culture at Envy had found a perfect partner to help continue our great success.”

The ownership group of Envy also includes Ken Hersh, minority owner of the Texas Rangers, and additional partners include “prominent Texas families and select national investors.”

Envy also launched a membership program for their most dedicated fans in November, with perks including exclusive merchandise, team news, giveaways.