Versus Programming Network (VSPN) has secured almost $100M USD in its latest Series B funding round. 

The total esports solutions provider says the funding round was led by Chinese conglomerate Tencent Holdings, and also saw participation from Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou, while Lighthouse Capital served as exclusive Financial Advisor. 

Founded in 2016, Shanghai-based VSPN creates content and organises esports tournaments, in addition to operating a commercial division and offline venues. Illustrating the scope of its business, the company says it has partnered with more than 70% of Chinese esports tournaments, and now has over 1,000 employees. 

The company says it will use the new capital to continue to develop its esports products, and create new and innovative experiences. 

Commenting on the news General Manager of Tencent Esports, Mars Hou, said:

“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.”

While CEO of VSPN, Dino Ying, added:

“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.”

VSPN’s 2016 Series A funding round was led by Focus Media Network, and also saw participation from China Jiansheng Sports Industry Fund, Guangdian Capital, and Averest Capital. 

AYO.NEWS says:

It’s hard to describe this as anything other than very impressive for VSPN, and once again shows the level of confidence giant businesses like Tencent have in esports as an industry right now. Obviously, not everyone is a fan of Tencent these days (especially US politicians), but its extensive network of video gaming and esports properties and massive reservoir of talent is undoubtedly going to help VSPN scale quicker. 

Despite the ongoing, and in many places worsening, COVID-19 pandemic, the esports and wider video gaming industry is still attracting incredible investment. Just last week VENN, the Video Game Entertainment and News Network, announced it had secured $26M in a Series A round, new independent game development studio, Frost Giant Studios, raised $4.7M in a Seed round, and EVOS Esports’ parent company raised $12M in a Series B round.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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