Chinese esports provider VSPN raises $100m led by Tencent

Versus Programming Network (VSPN)

Shanghai-headquartered esports solutions provider Versus Programming Network (VSPN) on Monday announced the completion of a $100-million Series B round funding led by Chinese tech giant Tencent Holdings.

SIG,  Tiantu Capital and Chinese video-sharing giant Kuaishou also joined the round, VSPN said on WeChat. 

Shenzhen-headquartered boutique agency Lighthouse Capital facilitated the transaction. 

The company will use the proceeds to support esports products and for overseas expansion. VSPN CEO Dino Ying said the company was looking to develop an esports research institute and an esports culture park.

VSPN, set up in 2016, has a presence in Chengdu, Xi’an and Seoul, South Korea.

Recently, VSPN forged a partnership with Shanghai-based commercial property developer Yongye Group. Prior to that, Tencent and VSPN had jointly launched an interactive entertainment campaign, The PUBG MOBILE Global Extreme Challenge.

In June 2016, Sequoia Capital China, mobile-only sports service provider Hero Entertainment and Aiwan Investment had invested in VSPN’s pre-A round.

A month later in July 2016, CITIC Guoan Group Corporation, PE firm Guangdian Capital, Focus Media and Abinon Capital had invested 640 million yuan ($95 million) in VSPN’s Series A round.

 

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.