Esports is starting to pick up again amidst the ongoing COVID-19 pandemic. China-based esports organizer VSPN (Versus Programming Network) has raised a whopping US$100 million in Series B funding. The biggest contributor to the funds is Tencent, but other investors include Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou.
The US$100 million funding will be funnelled into improving esports and its ecosystem not in China, but also across Asia. VSPN was founded in 2016 and is based in Shanghai, China.
In a statement (via TechCrunch), VSPN CEO Dino Ying said:
“We are delighted to announce this latest round of funding. Thanks to policies supporting Shanghai as the global centre for esports, and with Beijing, Chengdu, and Xi’an expressing confidence in the development of esports, VSPN has grown rapidly in recent years.
After this funding round, we look forward to building an esports research institute, an esports culture park, and further expanding globally.
VSPN has a long-term vision and is dedicated to the sustainable development of the global esports ecosystem.”
VSPN has previously organized tournaments for international PUBG Mobile competitions, as well as Honor Of Kings, PUBG, Peacekeeper Elite, CrossFire, FIFA, QQ Speed and Clash Royale in China.
They also have esports venues in several Chinese cities like Chengdu, Xi’an and Shanghai, as well as one in Seoul, South Korea as well. In addition, VSPN organized PMPL SEA Finals Season 1, in which Malaysian esports team Yoodo Gank became champions.