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

CDC updates guidelines, calls for vaccinated people to mask up

CDC updates guidelines, calls for vaccinated people to mask up

By Nikita Chaurasia

The Centers for Disease Control and Prevention issued new guidelines suggesting that people who are vaccinated against Covid-19 wear masks in public as well as indoor areas where the rate of the disease is high. The CDC also stated that teachers, sta...

iPhone’s hot streak could be hampered by global chip shortage crisis

iPhone’s hot streak could be hampered by global chip shortage crisis

By Nikita Chaurasia

Apple Inc. recently stated that the global chip shortage that has affected the sales of Macs and iPads, will now hit iPhone production and the expected revenue growth is likely to decelerate. This has resulted in lowering Apple’s shares. The c...

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

EV maker Rivian bags USD 2.5 Bn in a funding round led by Amazon, Ford

By Nikita Chaurasia

American electric vehicle maker Rivian Automotive LLC reportedly secured USD 2.5 billion in a funding round led by Amazon.com Inc, T. Rowe Price, D1 Capital Partners, and Ford Motor Co. In addition, the event also saw participation from Fidelity Man...

ICEA forms committee chaired by HP India MD to boost IT hardware sector

ICEA forms committee chaired by HP India MD to boost IT hardware sector

By Nikita Chaurasia

The India Cellular & Electronics Association (ICEA) recently announced the formation of a committee to promote manufacturing and exports of the IT hardware sector. The panel headed by Ketan Patel, HP India’s Managing Director, will set up a...

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

Amazon to stop on-site COVID-19 testing in U.S. warehouses this month

By Nikita Chaurasia

Amazon is reportedly planning to discontinue on-site Coronavirus testing for its warehouse employees in the United States. The retail giant confirmed slowing down the testing by 30th July and will only resume after receiving new guidelines change fro...