China-based kickboxing event promoter Kunlun Fight has closed a $31m series B round that included IDG Capital Partners, media company International Data Group’s local venture capital affiliate, China Money Network reported today.
The round also included VC firms Morningside Ventures and Northern Light Venture Capital, according to Chinese media reports.
Kunlun Fight began televising kickboxing matches in 2014, putting on 17 events across China, Thailand, the Philippines and Belarus. That was followed by 24 events last year as the company expanded further into Europe.
The company aims to hold 26 matches this year and plans to franchise its brand to external promoters who would put on lower-level matches in other cities. The round will also support the expansion of its business into training, video games and films.
Kunlun Fight, which is run by holding company Beijing Kunshang Culture Media, had not disclosed details of its earlier funding.