Esports Virtual Arenas (EVA) has raised over €35 million in a new funding round led by Paris-based firm RAISE Invest. The investment is set to accelerate EVA’s international footprint, expand its network across France, and support the development of new gaming experiences.
With this deal, RAISE Invest becomes an active minority shareholder in EVA. The firm is known for supporting fast-growing French small and medium-sized companies. Beyond funding, RAISE Invest will provide strategic support through its network and expertise in data and financial engineering. This is expected to help EVA achieve its international expansion plans.
Importantly, this round also marks an investor change. RAISE Invest has taken over the stake previously held by Trust Esport. This means Trust Esport has exited its investment in EVA, making it the fund’s third successful exit.
Before this €35 million round, EVA had already raised funding through several earlier rounds to build and expand its business. In 2019, the company raised about €2 million in an early-stage round. This helped support its initial development and operations.
Between 2021 and 2022, EVA raised additional funding across multiple rounds, including a notable €5 million investment in 2022. This funding helped the company grow its team, expand into Europe and the United States, and scale its operations.
In total, EVA had raised an estimated €7 million to €11 million before the latest round, although exact figures vary slightly due to some undisclosed investments. Investors in these earlier rounds included firms such as Bpifrance, Kima Ventures, Apicap, LO Capital, Pareto Holdings, and Trust Esport. The company also received backing from well-known entrepreneurs such as Jean-Baptiste Rudelle and Alexandre Yazdi.
These earlier investments were mainly used to develop EVA’s virtual reality arena concept, build its games and software, and support its first wave of expansion through franchising.
The company mentioned that Germany and Spain have been identified as key markets for the next phase of growth. Therefore, EVA plans to open ten new locations in these countries, including in Krefeld, Granada, and Barcelona. This will add to its existing venues in Cologne, Unna, Madrid, and Málaga.
EVA is already pushing ahead with its expansion plans, kicking things off with new leagues like the EVA Pro League. They’ve locked in eight big European orgs, including G2 Esports, Team Vitality, Team Heretics, SK Gaming, GiantX, Shifters, Solary, and OG Esports. Alongside that, EVA is revamping its whole competitive setup with a permanent European league system, with a 16-team Challenger League in addition to the 8-team Pro League.
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