China VC Weekly: Esports, Wealth Management and Education
Tencent injects funds in Asian esports giant VSPN
Chinese esports ‘total solutions provider’ VSPN (Versus Programming Network) has raised close to $100 million in its latest Series B round of financing, led by Tencent Holdings. Other investors that participated in the round include Tiantu Capital, SIG (Susquehanna International Group), and Kuaishou.
According to the announcement, VSPN will use the funds to upgrade its esports strategic developments including content production, tournament organizing, offline venue operations, esports merchandise innovation, and general overseas expansion.
After this funding round, VSPN is now one of the biggest tournament organizers in the world.
In a statement, Dino Ying, CEO of VSPN said: “We are delighted to announce this latest round of funding. Thanks to policies supporting Shanghai as the global center for esports, and with Beijing, Chengdu, and Xi’an expressing confidence in the development of esports, VSPN has grown rapidly in recent years. After this funding round, we look forward to building an esports research institute, an esports culture park, and further expanding globally. VSPN has a long-term vision and is dedicated to the sustainable development of the global esports ecosystem.”
SEE ALSO: Chinese Esports Company VSPN Secures $100M Series B Funding Round, Led by Tencent Holdings
Founded in 2016 and headquartered in Shanghai, VSPN was one of Asia’s early pioneers in esports tournament organization and content creation. It has since expanded into other businesses including offline venue operation.
Robot wealth management advisor firm AQUMON raises an undisclosed Pre-B round
Hong Kong-based robot advisor wealth management company AQUMON has completed a Pre-B round of additional investment from Lenovo Ventures, Zheng He Capital, Alibaba Entrepreneurs Fund, Wing Lung Bank Family Office, and Hong Kong Cyberport. The financial details of the fundraising were not disclosed.
Lei Chunran, CEO of AQUMON Research, made a comment about his company’s commitment to stay in Hong Kong: “We are rooted in Hong Kong as a financial center. In the future, it will radiate to other Asian countries and regions and bring more investors and maintain a long-term consistent approach to automated investment with their interests.”
The purpose of this round of financing was to strengthen the layout of the company’s wealth management track and build a better brand of smart investment in Greater China, especially the Guangdong-Hong Kong-Macao Greater Bay Area.
As one of the largest online wealth management platforms in Hong Kong, AQUMON has been downloaded by more than 100,000 people. AQUMON helps ordinary investors break the traditional expensive channel fees through the power of algorithms + IT.
Online education giant Yuanfudao raises $2.2 billion at a $15.5 billion valuation
Chinese online education company Yuanfudao has completed a $2.2 billion round of financing, raising its post-investment valuation to $15.5 billion.
The latest round of $2.2 billion includes the previously reported $1 billion around announced by the company in March earlier this year. That round turned to $1.2 billion as investors raced to inject more capital into the popular education unicorn.
SEE ALSO: Hottest Online Education Startups in China
After the financing round was completed, Yuanfudao’s valuation surpassed the Indian K12 education platform BYJU’s $11.1 billion, becoming the highest valued unicorn in the global education technology industry.
Existing shareholders Tencent, Hillhouse Capital, Boyu Capital and IDG Capital preemptively subscribed to shares of Yuanfudao and injected $1.2 billion in the company at the end of August.
Dozens of new investors included DST Global, the lead investor of the later round, CITIC Industrial Fund, Singapore Government Investment Corporation (GIC), Temasek, Trust Capital, DCP, Jinglin Investment, Danhe Capital, injected capital into Yuanfudao at a price slightly higher than that of the old shareholders, and completed the delivery of $1 billion after Oct. 1. The settlement amount was double the previous projections of $500 million.
Founded in 2012, Yuanfudao has been committed to using technology to help students improve their learning experience, stimulate learning interest, and more easily access high-quality educational resources.