China Sports Capital leads $15m round for gaming network
Fighting Esports Group (FEG), a China-based online gaming network, has raised a RMB100 million ($14.5 million) Series A round led by China Sports Capital, a joint venture between Sequoia Capital China and CMC Capital Partners.
SAIF Partners and Sea of Stars Capital, a Chinese investment firm focused on technology, media, and telecom (TMT) companies, also participated in the funding round, according to a statement.
FEG, which was set up earlier this year, aims to create a commercialization model for online competitive gaming, dubbed e-sports. The company recently formed a global strategic partnership with King Pro League, a China-based e-sports network backed by Tencent Holdings, and launched the service in Korea, in what the sponsors call the first international breakthrough for a mobile e-sports company.
China Sports Capital was launched last year and its first fund has a corpus of RMB2 billion. The firm invests in companies with a relevance to China that involve the commercialization of the global sports industry, with targets potentially including sports leagues, talent representation, media and entertainment, and lifestyle brands.
Investments to date include Wanmingyang Media, which organizes and streams kickboxing events in China, and local fitness start-up Supermonkey. China Sports Capital is also a founding investor of iQiyi Sports, an online sports media platform established earlier this year by local video streaming platform iQiyi and Super Sports Media.
Recipients of VC funding in China's e-sports sector include gaming services platform Wangyu Master and mobile game streaming platform Chushou.
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