Total esports solutions provider Versus Programming Network (VSPN) has raised ‘close to’ $100m (~ £76.23m) in its latest Series B funding round, according to the firm.
The funding round, led by Tencent Holdings, saw investments from Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou.
Lighthouse Capital was named as the exclusive Financial Advisor for VSPN’s round of funding.
“Tencent is glad to support VSPN,” commented Mars Hou, the General Manager of Tencent Esports. “VSPN’s long-term company vision and leading position in esports production is vital for Tencent to optimise the layout of the esports industry’s development.”
Since being founded in 2016, VSPN has become a multi-faceted esports organisation. The firm currently operates in content creation and organising esports tournaments, whilst also having divisions in commercialisation and offline venue operation.
According to the firm, VSPN has partnered with over 70 percent of Chinese esports tournaments and currently houses more than 1,000 employees across its five business divisions.
The organisation’s Series A funding round, which also occurred in 2016, saw the likes of China Jiansheng Sports Industry Fund, Guangdian Capital, and Averest Capital invest in the company, alongside the round’s leader Focus Media Network.
Dino Ying, CEO of VSPN, spoke about the firm’s recent investment: “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.”
As Ying alluded to, VSPN is hoping to use its Series B investment to improve and develop its esports products, with the firm looking to ‘ultimately create a new and innovative esports experience’.
Esports Insider says: VSPN’s latest funding round continues to highlight how much money is being invested into esports right now. It’s also important to note the importance of VSPN securing a substantial investor in Tencent, given the firm’s impressive portfolio of properties. With the company’s name value, alongside an impressive amount of investment, the funding round is nothing short of a success for VSPN.