Chinese esports solutions provider Versus Programming Network (VSPN) has announced a ‘multi-million’ Series B2 funding round from an investment fund managed by Morgan Stanley Private Equity Asia (MSPEA).
According to the release, the investment will aid the expansion of VSPN’s overseas business and the development of the company’s esports content matrix, VSPN+. The amount raised during the Series B2 funding round has not been revealed.
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This announcement follows VSPN’s acquisitions of Chinese livestream talent agency Famulei and Chinese production company Banana Culture Gaming and Media. Moreover the firm also secured $60m during its Series B+ investment round earlier this year.
Dino Ying, VSPN Founder and CEO, commented: “We are very excited to receive the investment from MSPEA and complete the Series B2 funding round.
“Today, esports is the lifestyle and the top trend among the younger generation. We are striving to promote the esports market worldwide and produce more in-depth esports content.
According to Ying, VSPN plans to develop its global businesses by producing professional esports tournaments abroad, formalising professional esports league operations, and developing esports infrastructure.
“We are on a mission to promote positive youth culture and light up the world with esports,” he added.
Last year, VSPN secured ‘close to’ $100m in investment, led by Tencent Holdings.
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“Over the past 28 years we have been active investors in China,” said Ivan Chan, Executive Director of MSPEA. “We are dedicated to supporting outstanding and promising Chinese companies. We are optimistic about esports, a young and booming industry, and we appreciate what VSPN has achieved over the past several years.
“VSPN has grown into one of the frontrunners in the Chinese esports industry with its strong execution capability and track record of innovation. Meanwhile, we are delighted to partner with VSPN to embark on the journey of esports globalisation through our funding, and believe VSPN will become a global leader in the esports industry.”
Esports Insider says: It appears that VSPN is applying a ‘buy local, think global’ approach to its raises and acquisitions. By building up a portfolio of accessible livestream talent and content production capabilities, stocking its VSPN+ content offerings seem well underway. It will be interesting to see if its VSPN+ content will be as global facing as its esports infrastructure plans are made out to be, or if the platform will focus on its local market.
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