100 Thieves

100 Thieves is an esports team organization that also operates a merchandising business consisting of a premium lifestyle apparel brand. The team was founded by Matthew Haag, a well-known figure in the industry, who was a former esports athlete of the year (2014) and served as team captain (2011–2015) of Optic Gaming (team organization), the team that won the Call of Duty World Championship in 2017. Haag founded 100 Thieves after ending his competitive career to pursue his passion for gaming, entertainment, and apparel. The team fields rosters mainly covering esports titles such as League of Legends and Fortnite. As of December 2021, the team has accumulated over USD 4.2 million in prize winnings (52% from Fortnite).

Since the team's debut, 100 Thieves has supported its esports business with its apparel and merchandise. The team's merchandise has turned into a premium apparel brand due to a mix of rich content from its influencers and its core esports activities. 100 Thieves’ merchandise model is unique for an esports team and follows a limited-edition release with low quantity and premium pricing. In May 2022 , 100 Thieves announced plans to develop a video game, which is currently dubbed “Project X, in collaboration with its content creators and esports professionals. In July 2022 , it announced layoffs in its content team which included senior staff and executives handling social media, video editors, and producers. 

In November 2020, the team purchased the Call of Duty League (CDL) Los Angeles franchise “Optic Gaming L.A.” from esports organization Immortals Gaming Club (IGC). The acquisition price was believed to be at a slight premium to the original franchise fee of USD 25 million. In addition, the team revealed that it will compete in the CDL under the name “Los Angeles Thieves.” Competing in the CDL through its local franchise slot and the commercial success of the inaugural CDL season were cited as key reasons for the decision.

100 Thieves announced the acquisition of gaming peripherals manufacturer Higround for an undisclosed amount in October 2021. Through the acquisition, 100 Thieves was expected to act as an accelerator for Higround, as they aim to make gaming peripherals more accessible to casual gamers. The two brands were also expected to engage in a series of collaborations, starting with a special product capsule that will include a 100 Thieves-themed keyboard.

In October 2023, the company laid off ~20% of its workforce as a response to the company's overextension and inability to sustain its growth. This primarily affected the employees in the internal game development studio and Juvee energy drink division.

Funding and financials

100 Thieves raised USD 60 million in a Series C funding round led by Green Bay Ventures, with participation from Breyer Capital, Aglae Ventures, and Tao Capital. The round valued the company at USD 460 million. The fresh funds were allocated to support 100 Thieves' core businesses in esports, entertainment, and apparel, as well as to launch new businesses and execute strategic acquisitions.