One of Australia’s largest e-sports teams Order has collapsed with significant questions being asked as to what has happened to the millions the Melbourne based operation raised including $5.3M alone last year.
The business was a key partner of both Alienware and Logitech with questions being asked about the value of the social media marketing the business undertook in an effort to get traction.
CEO Marc Edwards who was bragging last year as to how the business intended to spend the money has suddenly gone to ground closing down his social media profiles which some aggrieved investors claims are an “exercise in trying to hide from them”.
The business also raised an additional $360,000 by spruiking cloud funding, they also sucked in 223 investors who appear now to have now, done their money with executives of the business suddenly not available.
The Australian newspaper that broke the story reported that the capital raising was led by CPS Capital managing director Jason Peterson and Gemelli Group chairman Harry Karelis, who was also appointed to ORDER’s board of directors.
What is not known is how much Edwards and other members of the Order team were paid since the capital raising 12 months ago.
Back in May 2021, Edwards was telling media after the capital raising that the business intended to solidify their position in Oceania esports while continuing to look at opportunities in other esports titles.
He claimed the real growth would be via content creation and production and the building of an audience around the Order brand.
The business that was awash in investor funding last year even took up residency at a new facility in Collingwood Melbourne, which featured an Alienware esports high performance room, Logitech streaming room, production studio and administrative offices.
It is also not known how much capital was invested in professional e-sports players including ‘Vexite’, ’Kingfisher’ and ‘Sico’ which the business promoted as being on their roster.
The business was also linked with e sports advisor Gerard Murphy.
Documents filed with the corporate regulator show the company has now run out of money and has appointed administrator Shane Cremin of Rodgers Reidy, who told The Australian that ORDER is now looking for a buyer, and that around a dozen parties have expressed interest in buying the business.
The Australian also reported that last August Order, appointed former Quicksilver global creative director Josh Rush – a former junior surfing champion – as its chief brand officer.
“The whole org is really energised around Josh’s extensive experience across pop culture and youthful brands, and the impact he will have as we evolve and breathe new creativity into everything we do,” Mr Edwards said at the time.
Hayden Shiels, the CEO of rival e-sports team Kanga Esports, said that ORDER’s collapse was unrelated to the health of Australia’s wider e-sports industry.