E-sports, one of the fastest growing fields of our day, appears with new news worldwide. VSPN (Versus Programming Network), a China-based esports total solutions provider, announced that it has raised ‘close to’ $100 million in a Series B funding round. The funding round was led by Tencent, one of China’s tech giants.
Apart from Tencent, Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou also participated in the investment round which is aimed to improve the esports ecosystem and esport products in China and Asia.
“We are delighted to announce this latest round of funding. Thanks to policies supporting Shanghai as the global center for esports, and with Beijing, Chengdu, and Xi’an expressing confidence in the development of esports, VSPN has grown rapidly in recent years. After this funding round, we look forward to building an esports research institute, an esports culture park, and further expanding globally.” Dino Ying, CEO of VSPN said in a statement.
“VSPN has a long-term vision and is dedicated to the sustainable development of the global esports ecosystem.”
Founded in Shangai in 2016, VSPN is one of the first initiatives to operate in Asia in the field of esports. VSPN says it partnered with more than 70% of Chinese esports tournaments so far and the company has more than 1,000 employees in five business divisons.
The company said in a statement that “VSPN has become the principal tournament organiser and broadcaster for PUBG MOBILE international competitions, and China’s top competitions for Honor of Kings, PUBG, Peacekeeper Elite, CrossFire, FIFA, QQ Speed, and Clash Royale— totaling 12,000 hours of original content. “
“Tencent is glad to support VSPN,” Mars Hou, General Manager of Tencent Esports said, “VSPN’s long-term company vision and leading position in esports production is vital for Tencent to optimise the layout of the esports industry’s development.”