VSPN raises nearly $100 million from the Series B investment round

By Nikita Chaurasia  | Date: 2020-10-27

VSPN raises nearly $100 million from the Series B investment round

VSPN (Versus Programming Network), a leading esports tournament organization services provider, has reportedly raised nearly $100 million through a Series B investment round. Tencent Holdings, the renowned Chinese conglomerate, led the investment round with active participation from investors such as Kuaishou, SIG (Susquehanna International Group), and Tiantu Capital.

The company will use this new investment to improve esports products and its presence in China as well as Asia. Tencent’s investment in VSPN is proof that the esports industry is expanding significantly during the pandemic.

Headquartered in Shanghai, China, Versus Programming Network, was founded in 2016 and is among the first companies that started working in esports tournament organization and content creation outside Asia. The firm has gradually grown into other sectors, which also includes offline venue operations.

Dino Ying, CEO of VSPN, stated that the company is thrilled to announce the latest funding round. The firm has expanded rapidly over the years, due to the policies that are backing Shanghai to become a worldwide center for esports. With Chengdu, Xi’an, and Beijing showing more confidence in the overall development of esports, VSPN has shown exponential growth in recent years.

Ying further added that after this investment, the firm aims to build an esports culture park, an esports research institute, and further expand globally. The company has a long-term mission and is devoted to the consistent expansion of the global esports ecosystem.

General Manager at Tencent Esports, Mars Hou stated that the long-term vision VSPN and its top spot in esports production are crucial for the company to effectively optimize the development of the esports industry.

According to reports, there were signs that Tencent would make an investment in VSPN as earlier in March, Tencent Holdings COO, Mark Ren stated that the company would offer more highly quality esports competition in collaboration with tournament organizers such as VSPN.

Source credit: https://techcrunch.com/2020/10/25/tencent-leads-100m-series-b-funding-round-into-china-based-esport-provider-vspn/

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Pacific Island pushes Japan to delay wastewater release from Fukushima

Pacific Island pushes Japan to delay wastewater release from Fukushima

By Nikita Chaurasia

Pacific Island nations have reportedly pushed Japan to postpone the release of Fukushima nuclear power plant wastewater due to concerns that it may pollute fishing grounds. An appeal was made on Wednesday when Japan announced that treated sewage f...

Activist groups take Danone to court over excessive use of plastics

Activist groups take Danone to court over excessive use of plastics

By Nikita Chaurasia

Danone, the French bottled water and yogurt firm, is reportedly being sued in court by three environmental activists’ groups for failing to cut its plastic footprint significantly. According to the groups, the maker of Evian and Volvic miner...

Bosch expands security with dashcams designed for rideshare drivers

Bosch expands security with dashcams designed for rideshare drivers

By Nikita Chaurasia

Bosch, the German technology company, has reportedly expanded its security footprint in the ridesharing market with the launch of its latest security dashcams. At CES 2023, Las Vegas, the German tech firm unveiled a new integrated smart camera on ...

Australia: PM Albanese denies potential $450M payout to Rio Tinto

Australia: PM Albanese denies potential $450M payout to Rio Tinto

By Nikita Chaurasia

Australia's Prime Minister Anthony Albanese has reportedly denied rumors that Rio Tinto and its partners could receive a $450 million settlement for the Gladstone power station, which would bring the total compensation for the coal price limit to...

UK: Firms still struggle with post-Brexit trading and red tape

UK: Firms still struggle with post-Brexit trading and red tape

By Nikita Chaurasia

Businesses in the UK are still reportedly grappling after two years following the beginning of post-Brexit trading, as suggested by a new report. According to the British Chambers of Commerce (BCC), firms are still battling increased red tape and ...