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SHANGHAI, Oct. 3, 2018 /PRNewswire/ -- Chinese eSports company FEG accounced on 29th September that it had closed its Series A funding round of close to 100 million Chinese Yuan (US$15 million). The funding was led by China Sports Capital, joined by SAIF Partners and Sea of Stars Capital.
China Sports Capital was set up in 2017, jointly by Sequoia Capital, the world's largest venture capital firm, and CMC, the largest investment fund in China specializing in media and entertainment.
China Sports Capital's most recent investment deal was the founding of iQiyi Sports together with institutions such as IDG Capital. iQiyi is the largest video site in China, which resembles a combination of Netflix and Youtube.
This investment is yet another indication that eSports has now reached a popularity that is on par with other sports in China. The closing of a US$15 million pre-Series A round reflects the high expectations that venture capitals hold for the future of eSports.
The core business of FEG is to create a commercialisation model for the global eSports sector, driving the growth of mobile eSports worldwide.
FEG has formed a global strategic partnership with Tencent's KPL and launched the Korea King Pro League (KRKPL), representing the first breakthrough of an international nature for mobile eSports.
