China online gaming firm Wangyu Master raises $23m
Wangyu Master, a Chinese online gaming services platform, has raised RMB150 million ($23 million) in a Series A round of funding from a group of domestic investors.
Participants in the round include Shenzhen Capital Group, Zhejiang Jinkong Capital Management, and Mishuo fund, an investment fund under Chinese games developer Hangzhou MiQ Technology.
The one-year-old start-up develops online sporting games that are played in cyber cafes. An app is used to search for and book places in nearby cafe, with cafe operators receiving a fee for their services. Wangyu Master claims that more 30,000 cafes have installed its software, while its has approximately 10 million gamers. Last year, the company organized 488 large-scale competitions and over 10,000 smaller events.
Wangyu Master will use the new capital to develop its e-sports search engine technology and organize nationwide online sport events, it told local media.
Two months ago, Chinese e-sports platform Banana Games Media raised a RMB150 million Series A round of funding from IDG Capital Partners.
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