Shanghai-based esports startup VSPN (Versus Programming Network) has raised approximately US$ 100M in a Series B funding round held in October 2020, led by Tencent. Other participants in the funding round include Tiantu Capital, Susquehanna International Group, and Kuaishou. Lighthouse Capital acted as the financial advisor for VSPN.
Proceeds from the funding round will be utilized in building an esports research organization, an esports culture park and further expanding worldwide. It also intends to reach more gamers through multiple channels.
Danny Tang, Dino Ying and Ethan Teng founded VSPN in 2016. The startup provides a platform for gamers to host and join esports tournaments and gather an audience through content creation. Its other services include esports commercialization, brand advertising, artist brokerage, e-sports TV. Furthermore, VSPN also branded esports venues in the cities of Chengdu, Xi’an, and Shanghai, and Seoul. It currently has more than 1,000 employees in five business segments.
General Manager at Tencent Mars Hou was quoted to have said, “VSPN’s long-term company vision and leading position in esports production are vital for Tencent to optimize the layout of the esports industry’s development. At this year’s Tencent Global Esports Summit, the corporation’s chief operating officer Mark Ren said that Tencent aims to organize more esports competitions in collaboration with tournament organizers like VSPN.
VSPN is currently the leading tournament organizer and broadcaster for global PUBG MOBILE competitions, and other significant tournaments in China for games such as Honor of Kings, PUBG, Peacekeeper Elite, CrossFire, FIFA, QQ Speed and Clash Royale. This enables them to amass 12,000 hours of original content. The startup has also partnered with more than 70% of the esports tournaments in China.
Prior to the Series B funding round, VSPN secured an undisclosed amount in a Series A funding round in 2016, led by Focus Media Network, along with China Sports Industry Fund Jianteng, Guangdian Capital and Averest Capital.
About Tencent
Tencent Holdings Ltd, also known as Tencent, is a Chinese multinational technology corporation holding company. Established in 1998, its companies present worldwide market various Internet-related services and products, including in entertainment, artificial intelligence, and other technology. Tencent is the world’s largest video game retailer in addition to being one of the most economically valuable companies.
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