Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Esports Startup VSPN Raises Fresh Capital to Expand Its Global Reach

Ding Yi / Jun 02, 2021 06:50 PM / Business & Tech

Chinese esports firm Versus Programming Network (VSPN) has raised an undisclosed sum in its series B2 funding round from an investment fund managed by Morgan Stanley Private Equity Asia.

The Tencent-backed company said that it will use the proceeds to bankroll its global expansion plans and build out its esports content ecosystem, according to an announcement released Tuesday.

Founded in Shanghai in 2016, VSPN focuses on organizing esports tournaments, online gaming content creation and offline venue operations, with a presence in Asia, Europe and America. It claims to hold 70% of the market for premium esports events in China.

VSPN’s last funding effort took place in January when it raised $60 million from a group of investors including Prospect Avenue Capital, Guotai Junan International and Nan Fung Group.

In the same month, VSPN announced its acquisition of Banana Gaming & Media, which was created by Wang Sicong, son of the billionaire Chinese property tycoon Wang Jianlin. VSPN described the deal as a major step to further expanding its global footprint.

Contact reporter Ding Yi (yiding@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

Related: Esports Startup VSPN Buys Livestreaming Talent Agency that Recognizes Importance of Influencers

 


Share this article
Open WeChat and scan the QR code