VSPN Funding, Investors & Competitors

VSPN has raised $423M across 3 funding rounds, most recently a $263M Series C in February 2023.

See full VSPN profile

Last VSPN funding round

$263M

Series C · Feb 2023

Cumulative funding VSPN raised

$423M

across 3 funding rounds

Key investors in VSPN

VSPN Overview

About VSPN

VSPO (formerly VSPN) is a Shanghai-based esports company founded in 2016 by Dino Ying. It organizes esports tournaments, produces broadcasts, and operates venues across Asia, running major competitions such as the King Pro League and Peace Elite League for Chinese game publisher Tencent. The company has expanded internationally with offices in South Korea, Saudi Arabia, Indonesia, and the United States.


Founded

2016

HQ

ChinaChina

Website

vspn.com

Status

Privately held

Customer focus

B2B

Revenue model

Services

VSPN Funding History

VSPN has raised a total of $423M across 3 funding rounds.

VSPN's first fundraising round was a $100M Series B in October 2020. The most recent completed round was a $263M Series C in February 2023.

VSPN funding rounds

VSPN funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2023Series CSavvy Games Group (lead)$263MVSPO, formerly known as VSPN, is a Shanghai-based esports company founded in 2016 by Dino Ying that specializes in tournament organization, venues, and event production across Asia. The company hosts major esports tournaments for Chinese game publisher Tencent, including the King Pro League (KPL) and Peace Elite League (PEL), and has organized large-scale competitions in China, Southeast Asia, and South Korea featuring games such as Honor of Kings, Peacekeeper Elite, CrossFire, PUBG, and PUBG Mobile. In February 2023, Savvy Games Group, a gaming and esports company wholly owned by Saudi Arabia's Public Investment Fund (PIF), announced a $265 million investment in VSPO. The investment was completed on February 9, 2023, when CEO Dino Ying and CFO Danny Tang signed the deal in Riyadh. Following this transaction, Savvy Games Group became VSPO's single largest equity holder. The deal was described by multiple sources as the largest cash investment ever made in an esports organization. The investment represented a landmark commercial partnership between China, the world's largest esports market, and Saudi Arabia, as the Kingdom implements Vision 2030 to establish itself as a leading global hub for gaming and esports. VSPO planned to use the funding to expand its global esports operations with particular focus on Asia and the Middle East, and to invest in pioneering new technology to enhance fan experience. Prior to the Savvy Games investment, VSPO had raised over $160 million across multiple rounds from 2020 to 2021, including a Series B led by Tencent Holdings, a Series B+ led by Prospect Avenue Capital, and a Series 2B led by Morgan Stanley. The Savvy Games investment significantly expanded the company's capital base and international reach through its connection to Saudi Arabia's Vision 2030 gaming and esports initiative.
Jan 2021Series BProspect Avenue Capital (lead); Guotai Junan Intl Hldgs; Nan Fung Group$60MVersus Programming Network (VSPN) is a Chinese esports solutions provider founded in Shanghai in 2016 that specializes in organizing esports tournaments, online gaming content creation, and offline venue operations. The company serves as the principal tournament organizer and broadcaster for a significant portion of China's esports ecosystem, partnering with more than 70% of China's esports tournaments and claiming to hold 70% of the market for premium esports events in China. VSPN operates with a global presence across Asia, Europe, and America, with offices in South Korea, Saudi Arabia, Indonesia, and the United States. In January 2021, VSPN closed a $60 million Series B+ funding round from investors including Prospect Avenue Capital, Guotai Junan International, and Nan Fung Group. This round came only three months after the company had raised $100 million in a Series B funding round led by Tencent Holdings in October 2020. The funding was designated to support VSPN's international expansion and development of its esports production technologies and content ecosystem. In the same month as the Series B+ round, VSPN completed the acquisition of Banana Gaming & Media, founded by Wang Sicong, marking a strategic move to expand its global footprint. Tencent has been a major backer and client, employing VSPN to run esports tournaments for games such as Honor of Kings and Peacekeeper Elite, with the company having produced over 13,000 competitive events for broadcast.
Oct 2020Series BTencent (lead); Susquehanna International Group; Kuaishou; Tiantu Capital$100MVSPN (Versus Programming Network) is a Shanghai-based esports production and tournament organization company founded in 2016. The company specializes in organizing esports tournaments, content creation, and offline venue operations across major titles including Honor of Kings, PUBG Mobile, Clash Royale, Peacekeeper Elite, CrossFire, and League of Legends. By 2020, VSPN had established itself as the leading esports tournament organizer and broadcaster for Chinese top games and had expanded into other markets, including opening its first overseas esports venue in Seoul in May 2020. In October 2020, VSPN closed a Series B funding round raising $100 million, led by Tencent Holdings with participation from Tiantu Capital, Susquehanna International Group (SIG), and Kuaishou. The round valued the company at $15.5 billion post-money. This was not VSPN's first investment from Tencent; the Chinese tech giant had previously invested in the Hero Entertainment-owned company in 2018. The company employed over 1,000 staff across five business divisions at the time of the funding. Following the Series B round, VSPN announced plans to establish an esports research institute, build an esports culture park, and expand its global presence. The company's vision focused on building an esports short-form video ecosystem, improving content creation quality, and reaching users through multiple distribution channels, positioning itself as a total solutions provider in the rapidly growing esports market.

Who has invested in VSPN?

8 investors have backed VSPN across its funding rounds, including Tencent, Susquehanna International Group, Tiantu Capital, Kuaishou, Guotai Junan Intl Hldgs and Nan Fung Group.

Lead investors include Savvy Games Group, Prospect Avenue Capital and Tencent.


VSPN Investors

Investors in VSPN by funding rounds participated
InvestorHQRoundsRoleFirst check
Prospect Avenue CapitalChinaBeijing1LeadJan 2021
TencentChinaShenzhen1LeadOct 2020
Guotai Junan Intl HldgsChinaHong Kong1ParticipantJan 2021
Nan Fung GroupHong KongHong Kong1ParticipantJan 2021
Savvy Games GroupSaudi ArabiaRiyadh1LeadFeb 2023
Susquehanna International GroupUnited StatesPhiladelphia, PA1ParticipantOct 2020

This data is available for Pro users. Sign up to see all 8 VSPN investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Acquisitions by VSPN

VSPN has acquired 2 companies to date.

Last acquisition by VSPN was on March 29th 2021. VSPN acquired Famulei for undisclosed valuation.


Latest Acquisitions by VSPN

Famulei
Banana Gaming & Media
Description
Famulei is a Shanghai-headquartered operator in esports, entertainment, and livestreaming, managing talent agencies, marketing campaigns, sponsorship deals, licensing agreements, and e-commerce integrations.
Banana Gaming & Media is a Seoul-based producer of esports content and game marketing services. It distributes tournaments for League of Legends and Valorant across Korea, China, North America, and Europe via Twitch and YouTube. The firm organizes events like the Banana Cup series partnering with Riot Games.
HQ CountryChinaChina
HQ City
Shanghai
Shanghai
Deal Date29 Mar 202115 Jan 2021
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

This data is available for Pro users. Sign up to see all VSPN acquisitions and their M&A valuation multiples.

Start Free Trial

VSPN Competitors

VSPN competitors include listed companies like GameSquare, Publicis Groupe, Omnicom Group and Focus Media, and private ones like Authentic Brands Group and Fenway Sports Group.

Public and private companies comparable to VSPN
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GameSquareUnited StatesUnited StatesPublicly listed$45M($29M)$42M0.7x
Publicis GroupeFranceFrancePublicly listed$20B$3.6B$28B1.8x
Omnicom GroupUnited StatesUnited StatesPublicly listed$17B$721M$22B1.3x
Authentic Brands GroupUnited StatesNew York City, NYPrivate--$20B-
Focus MediaChinaChinaPublicly listed$1.9B$985M$10B4.8x
Fenway Sports GroupUnited StatesBoston, MAPrivate--$7.3B-

VSPN Public Comps

VSPN is still privately-owned, but its public comps include Publicis Groupe, Omnicom Group, Focus Media, BlueFocus Communication, Dentsu Group, JCDecaux, WPP, Outfront Media, CyberAgent and Hakuhodo Dy Holdings.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Publicis Groupe$20B$3.6B1.6x1.8x8.9x8.3x
Omnicom Group$17B$721M1.8x1.3x42.4x8.2x
Focus Media$1.9B$985M4.7x4.8x9.0x8.2x
BlueFocus Communication$10B$56M0.6x0.6x116.8x74.3x
Dentsu Group$9.2B($1.8B)0.7x0.7x(3.7x)4.7x
JCDecaux$4.2B$1.5B2.1x2.0x6.1x9.3x
WPP$18B$726M0.7x0.9x16.9x5.8x
Outfront Media$1.8B$453M4.9x4.6x19.9x16.0x

This data is available for Pro users. Sign up to see all VSPN competitors and their valuation data.

Start Free Trial

Common questions about VSPN

When was VSPN founded?VSPN was founded in 2016.
Where is VSPN headquartered?VSPN is headquartered in China.
Is VSPN publicly listed?No, VSPN is a private, VC-backed company.
How much funding has VSPN raised?VSPN has raised $423M across 3 funding rounds.
What was VSPN's last funding round?VSPN's last funding round was a $263M Series C in February 2023, led by Savvy Games Group.
Who are VSPN's investors?VSPN's investors include Prospect Avenue Capital, Tencent, Guotai Junan Intl Hldgs, Nan Fung Group, Savvy Games Group, Susquehanna International Group, Kuaishou and Tiantu Capital.
Which companies are comparable to VSPN?Companies comparable to VSPN include GameSquare, Publicis Groupe, Omnicom Group, Authentic Brands Group, Focus Media and Fenway Sports Group.
How many companies has VSPN acquired?VSPN has acquired 2 companies, including Famulei and Banana Gaming & Media.

See companies similar to VSPN

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial