CHINA’S VSPN SECURES $60M IN LATEST FUNDING ROUND

China-based Versus Programming Network (VSPN) has secured $60M USD in a Series B+ funding round.

The total esports solutions provider attracted investors including Prospect Avenue Capital (PAC), Guotai Junan International, and Nan Fung Group. As in its previous funding round, Lighthouse Capital acted as the Exclusive Financial Advisor. 

VSPN says it will use the new capital to create new technologies in esports production, for “deepening the layout of esports IP trends and operations,” creating new esports products and content, and for expanding its services internationally. 

Regarding the funding round, founder and CEO of VSPN, Dino Ying, said:

“The esports industry is through 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.

“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 world-wide.”

In October 2020, VSPN raised $100M in a Series B round led by Tencent Holdings, and also attracting participation from Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou.

Just last week, VSPN announced the acquisition of Banana Gaming & Media, and revealed plans to maintain its current operations as an independent subsidiary, with founder Sicong Wang sitting on the group’s strategy committee as vice chairman.

AYO.NEWS says:

Despite the wider economic crisis unfolding across the world, the esports and video gaming industries are still attracting significant investment, and nowhere is this more apparent than China. 

Of course, with doubts increasing as to the effectiveness of the much lauded vaccines, “counting the days until the pandemic is over” might not be the best idea if Dino wants to maintain his sanity! 

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