Saturday, 2024 July 20

Tencent-backed e-sports firm VSPN closes USD 60 million Series B+ round

Shanghai-headquartered e-sports event organizer Versus Programming Network (VSPN) has raised USD 60 million from Prospect Avenue Capital, Guotai Junan International, and Nan Fung Group in its Series B+ round, the company announced on its website on Thursday.

VSPN said it will use the new funds to develop e-sports production technologies, to build up intellectual properties, create new e-sports content, and to expand business overseas. In October 2020, VSPN secured a USD 100 million Series B funding round, led by Tencent and joined by Tiantu Capital, Susquehanna International Group, and Kuaishou.

“We hope that we can make fast and steady progress in expanding VSPN internationally, participating in the making of global e-sports standards, and supporting the development of a sustainable e-sports ecosystem worldwide,” said Dino Ying, founder and CEO.

uptake newsletter

Formed in 2016, the company has grabbed a 70% market share of premium e-sports events in China, and also owns physical venues where fans can connect and communicate with players in cities including Shanghai, Chengdu, and Seoul.

Read this: This Tencent-backed firm wants to dominate global e-sports events: Inside China’s Startups

VSPN established its first overseas office in Seoul, South Korea in 2018, to learn from the country which has arguably the best e-sports infrastructure, including talents for execution and production. It later entered countries such as India and Indonesia, Wang Chenfan, vice president of VSPN told KrASIA in an interview in November. The firm plans to follow the footprint of its key investor Tencent in the global gaming market.

Last week, VSPN announced that it acquired Banana Gaming & Media, which was created by Wang Sicong, son of Wang Jianlin, the founder of real estate giant Wanda. Wang Sicong will be serving as a vice chairman of the company’s strategy committee.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

Related Read