China online sports platform Banana Games raises $23m
Banana Games Media, a Chinese electronic sports platform founded by Xicong Wang, the son of Chinese billionaire Jianlin Wang, has raised a RMB150 million ($23 million) Series A round of funding from IDG Capital Partners.
A domestic culture and digital media-focused fund also participated in the round,the company told local media.
Banaba Games is part of an entertainment initiative - known as the Banana Project - launched by Wang last year. It organizes online sports events, live broadcasts and competitions, and provides online marketing solutions. Following the new investment, Banana Games will work on developing its own online sports brand - Best Series - as well as cooperating with other video streaming platforms.
In addition to electronic sports, Banana Projects focuses on talent management and other entertainment businesses. It previously signed contracts with South Korea K-pop girl bands EXID and T-ara to broadcast music events via Banana's online video platforms.
Wang also founded a private equity firm Prometheus Capital. The GP previously invested in a RMB800 million round for LeTV Sports, a Chinese sports channel.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.