Tencent Leads US$100 million (AUD$140 million) Series B Funding Round Into China-Based Esport Provider VSPN
sia-based esports organiser Versus Programming Network (VSPN) has raised almost US$100 million (AUD$140 million) in a series B funding round, led by Chinese technology and gaming company Tencent Holdings.
Joining Tencent as investors include Tiantu Capital, trading firm Susquehanna International Group (SIG), and video-sharing mobile app Kuaishou.
Having been founded in 2016, Shanghai-based VSPN has become one of the continent’s largest esports experience providers which sees it involved with a number of high-profile tournaments, including the Peacekeeper Elite League.
Tecent Esports general manager, Mars Hou, said Tencent was excited to support VSPN.
“Tencent is glad to support VSPN,” Hou 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,” he said.
VSPN chief executive, Dini Ying, said he is delighted by the rapid growth in recent years.
“Thanks to policies supporting Shanghai as the global centre for esports, and with Beijing, Chengdu, and Xi’an expressing confidence in the development of esports, VSPN has grown rapidly in recent years,” Ying said.
“After this funding round, we look forward to building an esports research institute, an esports culture park, and further expanding globally.
“VSPN has a long-term vision and is dedicated to the sustainable development of the global esports ecosystem,” he said.
VSPN’s latest funding round continues to show how much money is being invested into esports, which is growing by the day.
Tencent also owns League of Legends (LoL) developer Riot Games and has a 40 per cent stake in Fortnite publisher, Epic Games.