In two separate financing rounds in China, Focus Media has led an $81-million funding round in eSports startup Sport of the Heroes, while CCB International has invested in internet education platform Weidong Cloud Education.
Focus Media seals $81m round for Sport of the Heroes
China-based outdoor advertising firm Focus Media has led a $81 million (RMB640 million) venture round in Sport of the Heroes, a recently-founded local eSports startup, the China Money Network reported.
Two unknown Chinese funds also participated in the round. Founded last May, Sport of the Heroes’ valuation post the transaction is said to have reached RMB3.6 billion. Sport of the Heroes is an offline electronic video gaming platform spun out from Chinese video gaming firm Hero Entertainment.
Focus Media acquired a 8.24 per cent stake in the startup by investing through a subsidiary fund. Sport of the Heroes reported having 400 million registered users with 50 million daily active users. The startup intends to use the fresh capital to host more electronic video gaming competitions and expand further its gaming centres.
CCB International backs Weidong Cloud Education at $600m valuation
CCB International has invested an undisclosed sum in internet education aggregation and purchasing platform Weidong Cloud Education.
The latest financing round has reportedly valued the Shandong province-based Weidong Cloud Education at $600 million.
The firm now plans to use the proceeds on technology upgrade, research and development and international expansion. It currently provides services covering K12, professional training and international education partnerships.
Weidong Cloud Education allows users to search and purchase any education programmes on its platform, which has 1,200 video classes. The tech firm was launched by Chinese property, education and travel conglomerate Weidong Group.