Team Liquid’s valuation climbed to an estimated $415 million with the closing of a $35 million financing round, the esports organization and parent company aXiomatic announced Friday.

Investors in the latest round included Ares Management, Hiro Capital, Revolution Growth, AOL co-founder Steve Case and Softbank Capital’s Steve Murray.

“Coming off a year with record topline revenue growth, Team Liquid is looking to leverage its momentum with its fresh capital by further advancing its esports efforts and international business operations,” the company said in a press release.

The company said the funding will be used to support potential mergers and acquisitions, innovation across fan engagement platforms, partnership offerings and activations, and development and infrastructure in Brazil.

Founded in 2000, the Team Liquid brand includes more than 120 esports athletes competing across 19 major titles including League of Legends, Dota 2, Counter-Strike: Global Offensive, Fortnite and Valorant.

–Field Level Media