Bilibili Gaming, a China-based esports subsidiary of online entertainment platform developer Bilibili, has raised RMB180m ($27.8m) in funding from investors including publisher B-Ray Media, 36Kr has reported.
The round was led by Zhejiang Chuangxiang Culture Fund, which is backed by media companies Zhejiang Publishing and Zhejiang Radio and Television Media Group, and also featured Chengdu Culture Investment.
Founded in 2017, Bilibili Gaming manages esports teams spanning online multiplayer games such as League of Legends and Overwatch. It is also involved in professional gamer management, event broadcasting and tournament organising.
B-Ray invested $7.7m in exchange for a 6% stake in the company, which was valued at approximately $128m in the round.
Bilibili, which is backed by internet group Tencent, e-commerce group Alibaba and electronics manufacturer Sony, raised $483m when it floated on the Nasdaq Global Select Market in 2018. It filed for a secondary listing in Hong Kong earlier this month that could potentially raise over $2bn.