Tencent-backed esports startup VSPN bags $60m in series B+ round

Versus Programming Network (VSPN), a Chinese esports total solutions provider, said it has closed US$60 million in a series B+ funding round from Prospect Avenue Capital, Guotai Junan International, and the Nan Fung Group.

VSPN founder and CEO Dino Ying / Photo credit: VSPN

Founded in 2016, VSPN focuses its business on esports in terms of organizing tournaments, content production and distribution, commercialization, and developing offline venues.

Middle of this month, the company announced its acquisition of esports production firm Banana Gaming & Media, which was founded by Wang Sicong, the son of Chinese billionaire and real-estate developer Dalian Wanda Group founder Wang Jianlin.

With the fresh capital, the esports firm said it will develop its esports production techonology, deepen the layout of esports IP trends and operations, create new esports products and content, and expand its overseas esports services.

The latest investment comes three months after the company secured US$100 million in a series B funding round led by Tencent, with participation from Tiantu Capital, Susquehanna International Group, and Kuaishou.

In 2016, VSPN closed its series A funding round led by Focus Media Network, Sequoia Capital China, and China Media Capital.

“The esports industry is through with its nascent phase and is entering a new era. In this coming year, we at VSPN look forward to showcasing diversified esports products and content to more business partners and fans throughout the industry,” said Dino Ying, founder and CEO of VSPN.

According to a report by iResearch Consulting Group, China’s esports market is expected to reach 165.1 billion yuan (US$25.5 billion) in 2021.

Currency converted from Chinese yuan to US dollar: US$1 = 6.47 yuan.