China-based eco-sports system company LeSports has raised $1.2 billion in its Series B round, which effectively pushes its valuation up to $3.3 billion.
The round saw participation from HNA Group, a local airline operator, Chinese actors and actresses Sun Honglei, Jia Nailiang and Liu Tao, and more than 20 new investors. Going forward, HNA Group will own a 5.85 per cent stake in LeSports.
LeSports had initially set out to raise $462 million in its Series B round but ended up raising more instead, according to a report.
The company had previously raised $122.9 million in its first funding round. The funds were from Dalian Wanda Group, Yunfeng Capital, and other unnamed parties, according to a filing.
Its business model revolves around broadcasting sporting events globally. Having signed partnerships with big sporting events and relevant players in the industry, LeSports is able to broadcast over 300 sporting events in mainland China, Hong Kong and Macau, depending on where the licenses apply.
These sporting events include exclusive media rights for the Chinese Super League (CSL) for the next two years, a three-year in-depth strategic partnership with Major League Baseball in mainland China, Hong Kong and Macau, exclusive live broadcasting rights for the English Premier League in Hong Kong from 2016 to 2019 and other major titles.
Lei Zhenjian, CEO, LeSports, said, in a statement, the company will work toward “enhancing the LeSports content platform, expanding [its] user base and acquiring more resources from the industry”.
Additionally, LeSports will be coming up with “premium smart devices” and expand its service offerings. One such device that it has already come up with is the Super Bike, launched last August.