USM Holdings has announced that it is making an investment of upwards of $100 million in Virtus.pro.
Founded by Alisher Usmanov, a 62-year-old Russian business magnate, USM Holdings is an investor in a variety of companies across several industries, from metals and mining to telecoms and internet.
The company is now looking to add to its impressive portfolio by making a big investment in Virtus.pro - one of the biggest esports organisations based in Russia - that could exceed the $100 million mark.
The investment will be used by Virtus.pro to launch new tournaments, support new games, create media channels and build new esports arenas, says Anton Cherepennikov, co-owner of the Russian organisation.
"E-sports are a unique proposition, uniting the sports, media and the internet industries," says Ivan Streshinsky, a member of USM Holdings' board.
"It is a fast-growing market, which has already generated huge interest around the world and Virtus.pro is the leader in the e-sports industry in Russia.
"I am confident that the support from USM will spur the company’s further development and enable it to take its projects to a whole new level."