A Shanghai-based esports and cultural media company, VSPN (Versus Programming Network) just obtained US$ 60 million in a Series B+ investment announced on January 21, 2021. The round was led by Prospect Avenue Capital (PAC), Nan Fung Group and Guotai Junan International. This investment came just three months after their previous round where they raised US$ 100 million in a Series B investment led by Tencent Holdings.
Purpose of the Investment
VSPN plans to use the funds, among other things, to develop esports production technologies, create new esport content, increase its intellectual properties and facilitate the expansion of its esports services to countries in Asia and subsequently, the world.
Products & Services offered
VSPN is an internet sports and gaming company that provides entertainment content operations as well as a core marketing platform. The company also offers the following:
- Online gaming
- Artist brokerage
- Esports TV
- Brand marketing
- Esports venues
VSPN provides a framework for gamers to host and join esports competitions. The company is the principal tournament coordinator and communicator for several high-level competitions, collaborating with over 70% of China’s esports contests.
Founder and Investors Insights
According to the founder and CEO of VSPN, Dino Ying, “The esports industry is done with its infant stage and is coming into a new era. By next year, we at VSPN anticipate the reveal of diversified esports content and products. We are also counting the days until the global pandemic is over.”
Xuan Zhao, the head of private equity at Guotai Junan International also commented, “We at Guotai Junan International are very excited and optimistic of VSPN’s credible market insight and their exceptional business model.”
In the words of Ming Lao, the co-founder of Prospect Avenue Capital (PAC), “VSPN is a unique company in the capital market and as such, is renowned for its financial management. These factors will provide a strong foundation for the company’s future development.”
The managing director of Nan Fung Group’s CEO office said “Nan Fung is highly pleased to be part of this investment aimed at strengthening VSPN’s present business model and promoting the rapid growth of the esports streaming ecosystem.”
Growth and Trends
Since its establishment, VSPN has so far been able to secure a 70% market share of premium esports events in China. The company also owns a number of physical venues for various contests in cities like Shanghai, Seoul and Chengdu. VSPN plans to follow in the footsteps of its key investor, Tencent, in the global gaming industry. As at last week, the company announced the acquisition of Banana Gaming & Media. This startup was owned by Wang Sicong, who will now be a vice chairman of VSPN’s strategy committee.
About the Company
Headquartered in Shanghai China, VSPN was established in the year 2016 by Dino Ying and has been able to secure US$ 160 million (adding this investment) in 3 rounds. The company is a big-time player in the esports industry that ultimately seeks to expand its reach across the globe.
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