Santa Monica e-sports organization Cloud9 Esports Inc. has raised a $53.6 million Series B round finalized Oct. 15.

Forbes reports that the funding round will be used to establish a Los Angeles multi-use e-sports arena and training facility for Cloud9 teams and headquarters for executives. The space will be 20-30,000 square feet and a target completion date is set for end of 2019.

Cloud9 was incorporated in November 2016 by Jack and Paullie Etienne and operates e-sports gaming teams across multiple titles, including Daybreak Game Co.’s “H1Z1,” Santa Monica-based Activision Blizzard Inc.’s “Overwatch,” and “League of Legends,” developed by Sawtelle-based Riot Games Inc.

Valor Equity Partners, based in Chicago, led the Series B. Venice-based Reimagined Ventures, TrueBridge Capital Partners and Glassdoor Inc. Founder Robert Hohman also participated. Valor Equity Partners Founder Antonio Gracias joins the Cloud9 board of directors.

In September 2017, Cloud9 netted $19.7 million in a Series A round from investors including the Beverly Hills Sport Council’ World Wrestling Entertainment Inc. and Hollywood-based venture capital firm Broad Beach Ventures. It’s estimated Cloud9 could reach $1 billion valuation by end of 2019, according to Forbes.

In June 2018, Cloud9 announced a streaming partnership with Santa Monica-based Mammoth Media, allowing Cloud9 fans to utilize Twitch Interactive Inc. to stream various Cloud9 team matches, beginning with “League of Legends.”

Tech reporter Samson Amore can be reached at [email protected] or (323) 556-8335. Follow him on Twitter @samsonamore.