Kul Bhushan · · 1 min readOne Championship hits $1.2b valuation as it releases new shares
One Championship has released new shares worth S$238.9 million (US$174 million), taking the company’s valuation to US$1.2 billion, reported DealStreetAsia, citing filings from Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
About 42% of the new shares were redeemable convertible loan notes, which were turned into preference shares after a successful “qualified financing” round.
In its 2020 financial report, the mixed martial arts firm set criteria for fully converting these notes into preference shares. One of the conditions included raising a minimum of US$75 million, with at least 80% of the capital coming from “reputable institutional investors.”
The report further noted that One Championship met this condition through a US$99.5 million fundraise, which saw the participation of existing investors including Mission Holdings, Dahlia Investments, and David Isaac Cohen, and new investors Cougar International LLC and G-One Holdings.
Tech in Asia has reached out to One Championship for comment.
See also: Are One Championship’s fiercest critics right about the company?
Currency converted from Singapore dollar to US dollar: US$1 = S$1.37.
Editing by Collin Furtado
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