China-based sports media company LeSports secured $1.2bn at a $3.3bn valuation yesterday in a series B round that included conglomerate HNA Group, which is reported to have invested $185m.
More than 30 investors took part in the round, according to a statement by LeSports, which named only HNA and film stars Sun Honglei, Jia Nailiang and Liu Tao, adding that it would provide more information next month.
LeSports was established in early 2014 as a spinout of LeTV, the video streaming service now known as Le Eco, and its core business is an online sports event streaming platform that holds broadcasting rights to 300 sporting events across the world.
However, the company’s long term ambition is to build a firm with activities spanning event operation, dedicated smart devices like the Super Bike it launched in August 2015, and services such as online-to-offline training, gaming, e-commerce and ticketing.
To this end, it has also teamed up with Bird’s Nest Culture Creative, the company that operates the Beijing Olympic stadium, to form the LeSports Innovation Fund, which is currently managing more than $770m of assets.
Zhenjian Lei, chief executive of LeSports, said: “We are on a mission to provide our customers with better sports entertainment by enhancing the LeSports content platform, expanding our user base and acquiring more resources from the industry.
“In addition, we will be developing premium smart devices and expanding the number of products in the industry – ultimately creating new and better sporting experiences for our users.”
The round follows a $129m series A round led by property-focused conglomerate Wanda Group in May 2015. The round also included venture capital firm Yunfeng Capital and seven other investors including Prometheus Capital.