VSPN receives $60m in latest funding round

by | Jan 23, 2021 | Gaming

Total esports solutions provider Versus Programming Network (VSPN) has closed a $60m (£43.89m) Series B+ funding round, with the likes of Prospect Avenue Capital (PAC), Guotai Junan International, and Nan Fung Group investing in the company. 

According to the release, the investment is expected to go towards creating technologies in esports production and ‘deepening the layout of esports IP trends and operations’. 

Photo credit: VSPN

RELATED: VSPN secures $100m in Tencent-led Series B funding round

Moreover, the Chinese firm has announced that it intends to use the funding to create new esports products and content, whilst also expanding VSPN’s overseas services. 

Dino Ying, Founder and CEO of VSPN, commented: “We are very excited that this round of funding was successfully closed at the beginning of 2021.

“The esports industry is through its nascent phase and is entering a new era. In this coming year, we at VSPN look forward to showcasing diversified esports products and content to more business partners and fans throughout the industry.”

VSPN’s announcement follows on from the company’s substantial $100m (£73.14m) Series B funding round in October last year. The round, led by Tencent Holdings, saw Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou invest in the company.

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Last week VSPN also recently announced the acquisition of Banana Gaming & Media as the firm looks to ‘further enrich and strengthen’ its global reach.

Ying continued: “We are counting the days until the pandemic is over and we hope that we can make fast and steady progress in expanding VSPN internationally, participating in the making of global esports standards, and supporting the development of a sustainable esports ecosystem world-wide.”

Lighthouse Capital once again acted as the exclusive financial advisor for VSPN’s recent round of funding.

Esports Insider says: A lot of money has been invested in VSPN as of late. The firm’s acquisition of  Banana Gaming & Media prior to the funding round closure highlights the company’s intention to expand globally and it seems that investors are willing to back VSPN in its bid to do so.

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