Nerd Street Gamers raised $11.5 million in a funding round led by Founders Fund, the venture capital firm that has backed companies like Airbnb, SpaceX, Facebook and Palantir, the Philadelphia Business Journal reports.
Nerd Street CEO John Fazio said the company wanted to take “as little capital as possible” to continue to grow during the market uncertainty created by the Covid-19 pandemic and will wait until the market stabilizes before pursuing a bigger round.
The money will be used to open new Localhost venues and to launch digital products, events and content, Fazio said. The company is adding new venues — even when they’re not yet allowed to be open due to Covid-19 restrictions — in anticipation of continuing the company’s growth trajectory, he added.
Founders Fund is the gaming company’s first investor from Silicon Valley. Despite Fazio calling himself a Silicon Valley “outsider,” he said the San Francisco-based venture capital firm was his No. 1 choice.