Source - SMW
Gfinity has raised £7.0m, gross, through a placing and subscription of 25,925,926 new ordinary shares at 27p apiece, subject to shareholder approval.

Gfinity said the placing was being undertaken to support the next phase of development of its pioneering Elite Series competition, to accelerate international expansion and to further invest in the company's leading esports technology platform. 

Chief executive Neville Upton said: 'Gfinity has made significant progress in the last 6 months, with highlights including: the successful launch of Elite Series in UK, announcement of a partnership with HT&E Ltd to launch Gfinity Esports Australia, our acquisition of CEVO, Inc in United States and a number of events delivered all round the globe for several prestigious clients including major game publishers and Formula One. 

'Following on from these achievements, I am delighted to be able to announce this conditional placing, the funding from which will enable us to sustain our momentum to becoming a global leader in esports.'