As it approaches its one-year anniversary, a West Linn-based gaming sector company is gearing up to expand.
Drop-in Gaming, a platform which hosts gaming tournaments, has raised approximately $200,000 in its most recent fundraising round. The round started four weeks ago.
The company will use this money to expand its headcount. It currently has 10 employees spread out across Oregon and parts of Washington.
“We will be looking to expand on the marketing side, specifically, as well as some operations and then a couple more developers to build out some new enhancements and features for the site,” said CMO and co-founder Tanner Bogart.
The goal for this round is approximately $400,000, according to the Form D filed with the SEC.
Jason Atwood, the company's CEO, led the charge in finding investors, relying on the network Drop-in had already established while launching the business. The initial fundraising round to launch the company raised $1 million.
It's free to sign up for the platform, which enables participants to take part in tournaments. Some of the tournaments are free, while others require a fee. Tournament players can compete for prizes or cash rewards.
“We’re super grateful to give the everyday gamer a chance to come play for cash and prizes,” Bogart said.
Funding for the business comes from a small percentage of the prize pools from the paid tournaments, advertising, sponsorships and partnerships.
The company will announce new partnerships later this month.
Atwood and Bogart quit their jobs to launch the business in October 2020. With the rise in gaming’s popularity during the pandemic, business has been good. Bogart expects continued growth moving forward.
“I know COVID has been up and down, open and close, but gaming will never go away,” Bogart said.
