More confirmation that the esports market is flourishing in the middle of the pandemic comes today with the news that esports “total services provider” VSPN (Versus Shows Network) has actually raised what it describes as “near” $100 million in a Series B funding round, led by Tencent Holdings . Other investors that participated in the round include Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou. The financing round will go toward enhancing esports items and its ecosystem in China and throughout Asia.
Founded in 2016 and headquartered in Shanghai, VSPN was one of the early leaders in esports competition company and material production out of Asia. It has considering that broadened into other services, consisting of offline place operation.
In a declaration, Dino Ying, CEO of VSPN (see likewise our exclusive interview) stated: “We are thrilled to announce this latest round of funding. Thanks to policies supporting Shanghai as the worldwide center for esports, and with Beijing, Chengdu, and Xi’a revealing confidence in the development of esports, VSPN has actually grown rapidly in recent years. After this funding round, we eagerly anticipate developing an esports research institute, an esports culture park, and even more expanding worldwide. VSPN has a long-term vision and is devoted to the sustainable development of the worldwide esports community.”
Dino Ying, VSPN CEO. Image through VSPN Mars Hou, basic supervisor of Tencent Esports, commented:” VSPN’s long-term company vision and leading position in esports production are important for Tencent to optimize the design of the esports industry’s advancement.”
We had a hint that Tencent may purchase VSPN when, in March this year, Mark Ren, COO of Tencent Holdings, made a public declaration that Tencent would provide more premium esports competitors in combination with competition organizers like VSPN.
As we observed in August, Tencent, currently the world’s most significant video games publisher, said that it would consolidate Douyu and Huya, the previously completing live-streaming websites focused on computer game.
Simply put, Tencent’s investment into VSPN reveals it is when again doubling-down on the esports market.
This Series B funding round comes four years after VSPN’s 2016 Series A funding round, which was led by Focus Media Network, joined by China Jianteng Sports Market Fund, Guangdian Capital and Averest Capital.
Now, VSPN has actually become the principal tournament organizer and broadcaster for PUBG MOBILE global competitors, and China’s top competitors for Honor of Kings, PUBG, Peacekeeper Elite, CrossFire, FIFA, QQ Speed and Clash Royale. This will tally-up 12,000 hours of original content. The company has partnered with more than 70% of China’s esports competitions.
In addition to its core esports competition and material production organization, VSPN has branded esports locations in Chengdu, Xi’an and Shanghai. In Might, VSPN introduced its first abroad location, V. AREA in Seoul, South Korea.
And even offline events are coming back. VSPN hosted the very first large-scale esport occasion with offline audiences in August this year. And the LOL S10 event will open 6,000 tickets. Nevertheless, all competitions will operate under rigorous COVID-19 avoidance measures and approval procedures by the Chinese government, and not all esports occasions are permitting offline audiences.
VSPN said it will continue to focus on constructing an esports short-form video community, improving the quality of esports content creation, and reaching more users by means of various channels. VSPN presently houses more than 1,000 employees in five organization departments.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.