China-based esports tournament promoter Versus Programming Network (VSPN) secured almost $100m today in a series B round led by internet group Tencent.
Online video platform developer Kuaishou, quantitative trading and technology firm Susquehanna International Group and venture capital firm Tiantu Capital also participated in the round.
Founded in 2016, VSPN hosts esports tournaments and also assists clients with developing and organising their own events, producing, distributing and commercialising esports content and refitting live spaces as viable venues for events.
Dino Ying, VSPN’s CEO, told TechCrunch: “We are delighted to announce this latest round of funding. Thanks to policies supporting Shanghai as the global centre for esports, and with Beijing, Chengdu and Xi’an expressing confidence in the development of esports, VSPN has grown rapidly in recent years.
“After this funding round, we look forward to building an esports research institute, an esports culture park and further expanding globally. VSPN has a long-term vision and is dedicated to the sustainable development of the global esports ecosystem.”
Tencent, also the world’s largest game distributor, had previously provided an undisclosed amount of funding for the company in June 2018 and has assisted it with its growth since then. VSPN plans to work with Kuaishou in diversifying their content and building an esports short-form video ecosystem.
Mars Hou, general manager of Tencent subsidiary Tencent Esports, was quoted by TechCrunch as saying: “VSPN’s long-term company vision and leading position in esports production are vital for Tencent to optimise the layout of the esports industry’s development.”
