100 Thieves is the esports organization and streetwear label that Call of Duty champion Matthew “Nadeshot” Haag turned into a venture-backed gaming company, raising roughly $120 million from venture investors by late 2021. Its story is a clean case study in what happens when a creator-led brand raises capital on growth expectations, then has to live with them after the market cools.
Where it stands: Haag said in September 2025 that he was no longer CEO, Dexerto reported, the same week 12 staff were laid off. The company still fields teams: its website announces a renewed Valorant Champions Tour (VCT) partnership covering 2027 and 2028.
How 100 Thieves started
Haag launched 100 Thieves as a hybrid of competitive teams, apparel and content. Tubefilter reported in 2018 that he had been a Call of Duty world champion before turning to business, and that the company dated its founding to April 2016; later coverage, including Dexerto’s, gives 2017 as the founding year. From the start Haag pitched more than trophies: “Our top priority is to win world championships, but our ambitions go far beyond competitive gaming,” he said in a 2018 statement.
Apparel gave the brand its early edge. The same Tubefilter report said the company’s last four online drops of gaming-inspired streetwear had sold out within 20 minutes.
Funding rounds and valuation
100 Thieves raised in two well-documented steps, then disclosed no new round in our sources.
| Date | Round and terms (source) |
|---|---|
| Oct 2018 | Series A, co-led by Drake and Scooter Braun; $25 million raised to date (Tubefilter) |
| Dec 2021 | $60 million Series C at a $460 million valuation, led by Green Bay Ventures (Tubefilter) |
| Dec 2021 | Roughly $120 million raised in total (Tubefilter) |
The Series A drew a mix of entertainment and venture names. Besides Drake and Braun, participants included Sequoia Capital, Jeffrey Katzenberg’s WndrCo and Salesforce CEO Marc Benioff, according to Tubefilter. At the Series C, the company said revenue had more than doubled in 2021, but Tubefilter also cited Bloomberg’s report that it was not profitable and had tripled its staff during the pandemic to roughly 100 people.
A valuation is the price that investors in a round assign to the whole company. It is not cash in the bank, and it is not the founder’s personal wealth; Haag’s percentage has not been published.
The business model: partnerships, products and play
By Haag’s 2024 account, sponsorship deals were the largest revenue line. On the Colin and Samir podcast, Haag broke the business down as 50% partnership revenue, 30% merchandise and Higround keyboard sales, and 20% in-game cosmetics sales in Valorant and Call of Duty, Dexerto reported.
The company also built and bought adjacent products. It acquired keyboard maker Higround in 2021 and incubated Juvee, a sugar-free energy drink that Tubefilter reported launched in October 2022 after being developed inside 100 Thieves since early 2021.
Creator co-owners. 100 Thieves gave equity to some of its biggest streamers. Tubefilter listed Valkyrae and CourageJD as co-owners at the time of the Series C. Equity ties a creator’s upside to the company’s and can cost less cash up front than a large salary.
What went wrong: layoffs and an esports retreat
The setbacks came as investor expectations met a slower esports market. In January 2023 the company cut staff, including its chief revenue officer, and former employees questioned its focus on side businesses such as Juvee and Higround, Dexerto reported. Haag explained that when the company was raising money, investors asked mainly about doubling revenue, and he said “Esports as a whole hasn’t been monetized to the level a lot of outside investors expected.”
In 2024 he went further, saying he would leave esports out if he could restart the company today, and that as a venture investor he “would never write that check again,” according to Dexerto.
The League of Legends exit followed. In a statement quoted by Dexerto in July 2025, the company said it sold its permanent LCS franchise slot in 2024, played 2025 as a provisional guest team, and ended its run after Riot chose another partner. A franchise slot is a permanent league seat a team buys and can later sell back.
In September 2025 a second round of cuts hit 12 employees. Haag said in a video that he had been out of daily operations for close to two years and learned of the layoffs only after they were finalized, Dexerto reported.
Founder lessons from 100 Thieves
- Brand first, trophies second. The fastest early traction came from apparel drops, not tournament wins.
- Capital sets the scorecard. Haag’s own account is that venture money tied the company to revenue-doubling targets that pushed it into new product lines.
- League seats are assets you can sell. Selling the LCS slot raised money, at the cost of a League of Legends run that dated to 2018.
- Founders step back. Haag’s move away from daily operations is a reminder that a creator-led company may need managers who are not the face of the brand.
For a contrast in how creator brands fund themselves, see our feature on how streamers make money and our case study of key-person risk in creator brands. The December 2021 Series C remains the last priced round in the reporting cited here.
Frequently Asked Questions
Who founded 100 Thieves?
Matthew “Nadeshot” Haag, a former Call of Duty world champion, founded 100 Thieves. Tubefilter reported in 2018 that the company dated its founding to April 2016; later coverage describes it as launching in 2017.
How much is 100 Thieves worth?
The last valuation reported in our sources is $460 million, set when it raised a $60 million Series C in December 2021, according to Tubefilter. No newer funding valuation has been disclosed.
Who owns 100 Thieves?
Its owners include Haag, investors from its funding rounds, and creator co-owners such as Valkyrae and CourageJD, according to Tubefilter. Drake and Scooter Braun joined as co-owners when they co-led its Series A in 2018.
Is Nadeshot still CEO of 100 Thieves?
No. In September 2025 he said he had stepped down as CEO and had been away from daily management for close to two years, Dexerto reported.
How does 100 Thieves make money?
Haag said in 2024 that about half its revenue came from partnerships, 30% from merchandise and Higround keyboards, and 20% from in-game cosmetics in Valorant and Call of Duty, according to Dexerto.
Sources
- Drake And Scooter Braun Join Nadeshot’s ‘100 Thieves’ Esports Startup, Which Has Raised $25 Million To Date — Tubefilter, October 23, 2018
- 100 Thieves Raises $60 Million At $460 Million Valuation To “Launch And Acquire New Companies” — Tubefilter, December 2, 2021
- The newest creator drink: Juvee, from Nadeshot and 100 Thieves — Tubefilter, October 5, 2022
- Nadeshot responds to backlash over 100 Thieves layoffs: “Will regret for the rest of my life” — Dexerto, March 3, 2023
- Nadeshot says 100 Thieves wouldn’t be in esports if he had to start again — Dexerto, August 20, 2024
- 100 Thieves exit competitive League of Legends amid massive LTA viewership decline — Dexerto, July 18, 2025
- Nadeshot defends new gambling deal amid 100 Thieves layoffs — Dexerto, September 8, 2025
- 100 Thieves — 100 Thieves (company site), accessed October 27, 2026
This article is general information for founders and is not accounting, legal or investment advice. Net worth figures are estimates published by the outlets named, on the dates shown. They are not disclosed by the people profiled, they move with markets and private valuations, and different publications reach different numbers. Found Founders is not affiliated with anyone profiled here.