Turnkey esports solution provider Versus Programming Network (VSPN) has closed a $60mn series B funding round, the company has announced in an official release. Guotai Junan International, Prospect Avenue Capital and Nan Fung Group were also a part of the round.
Shanghai-based VSPN said it plans to spend the cash largely on investing in innovative eSports production technologies, creating new products and expanding its reach overseas.
Dino Ying, founder and CEO of VSPN, said in a statement: “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… and we are counting the days until the pandemic is over.”
The Chinese firm will utilize the funds to boost their production technologies and into creating new IPs to strengthen their esports reach and expansion. VSPN also aims to stretch their footprints into newer geographies with this new fund. Just last year, in October 2020, VSPN had raised $100mn led by Tencent Games.
VSPN enables esports events and marketing in China, where esports is booming.
Xuan Zhao, head of PE at Guotai Junan International, said in the announcement that the “We at Guotai Junan International are very optimistic of VSPN’s sharp market insight as well as their team’s exceptional business model.”
Meng Gao, managing director at Nan Fung Group’s CEO’s office said: “Nan Fung is honored to be a part of this round of investment for VSPN in strengthening their current business model and promoting the rapid development of emerging services and the esports streaming ecosystem.”
Esports, gaming & fantasy sporting and betting has experienced an unprecedented growth in the past few years. COVID-19 amplified the growth to a whole new level with millions of investments into media to team management to production companies.
In an interview with The New York Times, Seth Schorr, chief executive of casino-management company Fifth Street Gaming and founder of the Nevada Esports Alliance, said, “I expect that within the next five to 10 years in North America, eSports will be third after the NFL and the NBA in terms of total wagering.”