Chinese esports solution provider VSPN (Versus Programming Network) announced Friday that it has raised a $60 million Series B+ financing round led by Prospect Avenue Capital (PAC). Further investors that participated in the round include Guotai Junan International and Nan Fung Group. In addition, Lighthouse Capital will continue to serve as the exclusive financial advisor for this funding round, according to the announcement.
VSPN plans to use the investment proceeds for innovative technologies in esports productions, the layout of esports IP trends, the creation of new esports content, and its related overseas esports business.
In 2016, VSPN closed its Series A funding round led by Focus Media Network, joined by Sequoia Capital China, and China Media Capital (CMC), with further investors China Jiansheng Sports Industry Fund, Guangdian Capital, and Averest Capital. In October of 2020, the company raised close to $100 million in a Series B funding round led by Tencent Holdings, joined by Tiantu Capital, Susquehanna International Group (SIG), and Kuaishou.
“The esports industry is through its nascent phase and is entering a new era. In this coming year, we [VSPN] look forward to showcasing diversified esports products and content to more business partners and fans throughout the industry,” VSPN CEO Dino Ying stated at the press release.
Founded in 2016 and headquartered in Shanghai, VSPN is the biggest esports tournament organizing company in China. The company currently employs more than 1,000 people and has hosted numerous Tencent-related esports tournaments, including premier competitions for Honor of Kings, PUBG Mobile (Peacekeeper Elite in China), CrossFire, FIFA, QQ Speed, and Clash Royale. VSPN also owns esports venues in Chengdu’s Taiguli complex, Shanghai Xintiandi, and Seoul.
Last week, VSPN announced that it completed the acquisition of Chinese production company Banana Gaming & Media. Sicong Wang, the founder of Banana Gaming & Media will serve as vice-chairman of the company’s strategy committee.