China-based esports event promoter Versus Programming Network (VSPN) has raised $60m in a series B-plus round featuring real estate-oriented conglomerate Nan Fung Group.
Guotai Junan International and Prospect Avenue Capital filled out the round, which was facilitated by Lighthouse Capital.
VSPN runs esports competitions and distributes related media content focused on the domestic market. It has partnerships in place with professional esports leagues such as FIFA Online 3 Star League, having run multiple esports events in the country such as BPL, CFPL, CLO, HPL, IGL, KPL, LPL and TGA.
The company will use the cash to further develop technologies related to esports production, strengthen the intellectual property ecosystem, produce original esports content and expand its service globally.
Internet group Tencent had provided an undisclosed amount for VSPN in 2018 and returned to lead a series B round sized at nearly $100m two years later, investing with video app operator Kuaishou, technology and quantitative trading firm Susquehanna International Group and venture capital firm Tiantu Capital.
The company had previously closed a series A round of undisclosed size at an unspecified date led by digital media and outdoor advertiser Focus Media. The round included Averest Capital, China Jiansheng Sports Industry Fund, China Media Capital, Guangdian Capital and Sequoia Capital China.
VSPN founder and chief executive Dino Ying said: “We are counting the days until the pandemic is over and we hope that we can make fast and steady progress in expanding VSPN internationally, participating in the making of global esports standards, and supporting the development of a sustainable esports ecosystem worldwide.”
