China Digest: Focus Media puts $81m in eSports startup; CCB invests in Weidong

Visual from the company website

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.

Also Read: China Digest: Tencent leads $30m Series C in Yonghong Tech, Focus Media eyes $300m for four new investment funds

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.

Also Read:

China Online Education Group plans $100m IPO in US

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.