Esports org LDN UTD aims to grow from £100K to £40 million in just five years
LDN UTD, a grassroots esports organization based in the United Kingdom, have made a bold claim regarding their financial performance in the next few years, expecting to turnover £40 million.
Founded in 2019, LDN UTD describe themselves as using “esports to serve society by addressing societal issues” and they aim to help grassroots gamers “take more of a path to pro.”
Considering they’re serving the grassroots, amateur aspect of esports, many may expect that they would not be able to access the same level of finances as major organizations at the very top of the industry — but they don’t believe that.
Despite progress being stunted by lockdown, which meant they had to hold off on hosting events for grassroots competitors, their CEO Oliver Weingarten expects that they’ll see turnover growth of 400% within the next five years.
In an interview with Forbes, Weingarten revealed that they had a turnover of £100,000 in 2020 and are currently attempting to raise £5 million in investment. They have plans to expand into locations outside of London, the capital of England, and are forecasting a £40m turnover in five years’ time.
“The U.K. has some incredible esports talent, particularly in Call of Duty, Fortnite and FIFA,” Weingarten said of his company’s business model. “Our model is to discover, nurture and educate talent by harnessing the popularity of the relevant gaming title.”
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In the past, LDN UTD have hosted local events to raise awareness for societal issues such as knife crime, diversity, and education with the likes of rapper P Money, former footballer Rio Ferdinand, and London mayor Sadiq Khan.
“We are seeing more organizations starting to embrace the notion of social responsibility, but while it’s very easy to say, it can be incredibly difficult to do authentically,” he added. “With our philosophy of esports for good, I’d like to think we are leading the way.”