Chinese gaming firm Quwan Network bags $100m from Matrix Partners China, Orchid
Customers at an internet cafe play online games in Beijing. Photographer:Nelson Ching/ Bloomberg
February 2, 2021
Chinese social gaming and internet company Guangzhou Quwan Network Technology Co.,Ltd has announced the completion of a $100 million Series B round funding from Asia-focused investment firm Orchid Asia and existing investor Matrix Partners China, the latter investor announced on Monday.
Quwan had raised an undisclosed Series A round led by Matrix Partners China in April 2020.
The development comes as China’s esports industry is experiencing dramatic growth with total revenues in 2020 amounting to $1.1 billion, up 15.7% from 2019, according to games & esports market researcher Newzoo.
Chinese esports player VSPN closes $60M Series B+ round to boost its international strategy
Esports “total solutions provider” VSPN (Versus Programming Network) has closed a $60 million Series B+ funding round, joined by Prospect Avenue Capital (PAC), Guotai Junan International and Nan Fung Group.
VSPN facilitates esports competitions in China, which is a massive industry and has expanded into related areas such as esports venues. It is the principal tournament organizer and broadcaster for a number of top competitions, partnering with more than 70% of China’s esports tournaments.
The “B+” funding round comes only three months after the company raised around $100 million in a Series B funding round, led by Tencent Holdings.
2 months ago
HONG KONG–(BUSINESS WIRE)–
Guotai Junan International”, the “
GTJAI”, Stock code:
1788.HK) announced that the Group will join hands with Nan Fung Group and Prospect Avenue Capital (PAC) to collaboratively boost development of China esports industry, supporting
Versus Programming Network (“VSPN”) to expand its scale and influence in esports eco-system, consolidating its market leader position as well as creating standardized and professional competitive sports events.
The esports industry is one of the sectors that has been greatly encouraged and supported by the government’s policies in recent years. GTJAI actively responds to and participates in the government’s policies of upgrading the esports industry structure and promoting the cultural and entertainment industry as well as the economic development through esports events. Besides, the participation in this project enables GTJAI to
Press release content from Business Wire. The AP news staff was not involved in its creation.
GTJAI to Boost VSPN’s Innovation and Development
January 22, 2021 GMT
Guotai Junan International Holdings Limited (“
Guotai Junan International ”, the “
GTJAI ”, Stock code:
1788.HK ) announced that the Group will join hands with Nan Fung Group and Prospect Avenue Capital (PAC) to collaboratively boost development of China esports industry, supporting
Versus Programming Network (“VSPN”) to expand its scale and influence in esports eco-system, consolidating its market leader position as well as creating standardized and professional competitive sports events.
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The esports industry is one of the sectors that has been greatly encouraged and supported by the government’s policies in recent years. GTJAI actively responds to and participates in the government’s policies of upgrading the esports industry structure and promoting the cultural and entertainm
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