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It’s not all fun and games: VSPN esports startup closes a $60M B+ round

It’s not all fun and games: VSPN esports startup closes a $60M B+ round

22 Jan 2021

Startup Jedi

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The esports market has long ceased to be a small community of geeks. Nowadays it is a promising, full-fledged and developed ecosystem, within which large sums are spinning. Video games are becoming mainstream and deeply embedded in pop culture and economics. The audience of video streaming is growing as well as the income that all participants in the process receive. This means that the interest of investors in this area is also increasing every day.

According to the latest research the esports market was valued at $950M in the US alone in 2020, and analysts predict that this estimate will reach $1.6B in two years. The industry is expected to grow very rapidly in the coming years, with most of its revenue coming from advertising and sponsorship. The two largest eSports markets today are North America and Asia, with China accounting for one-fifth.

The Chinese startup VSPN (Versus Programming Network) closed a $60M round B. It was closed 3 months ago: Tencent Holdings invested $100M in the company. Investors note the strong business model of the project and the prospects of the entire area. Financing will go, among other things, to expand the market and develop abroad.

VSPN was founded in 2016 as a pioneer in organizing esports competitions in Asia. The project offers turnkey end-to-end solutions for esports events in China, which, as we recall, constitutes a significant part of the market. Today VSPN participates in 70% of tournaments in China. According to project CEO Dino Ina, the esports industry is now entering a new era, and VSPN aims to expand its range of services and products in 2021. He also noted that he is counting the days until the end of the pandemic: offline tournaments make up the majority of the industry’s profits.

22 Jan 2021

 

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