Heroic reportedly struggles to raise money to continue operations; org needs $1 mln until summer 2023 Rumors
2023-03-20 15:46:00Heroic called for an extraordinary general meeting on March 20 regarding its financial situation. The organization is currently low on resources and aims to find million dollars by the summer of 2023 to continue operations, according to Pley.gg.
At the end of January, former Heroic CEO Joachim Haraldsen said that the club needs to find NOK 80 million ($7.5 million) by 2025 to keep the business going, of which at least $1 million is required by the summer of 2023.
In 2021, the losses of Heroic AS and Heroic Group AS were estimated at $2.3 million. The club did not reveal its financial report for 2022. The organisation almost doubled the number of shares since the launch, but the stock price dropped dramatically, from NOK 19,76 per share to NOK 0,8.
Heroic currently has CS:GO, Rainbow Six Siege, and Rennsport divisions. They recently withdrew from PUBG, stating that "continuing to compete in PUBG is no longer sustainable for the organization." The situation threatens the existence of Heroic's best roster in CS:GO. It's currently ranked 2nd in the world after getting the second place at the latest Major and winning another LAN by the end of 2022.
