Shanghai Startup In E-sports Nabs $16M From Wanda-Linked VC
ImbaTV, a Shanghai-based live video broadcast platform for competitive video gaming, has landed a $16 million Series B round of financing. The investment was led by Chinese PE firm Addor Capital, with participation from Prometheus Capital. Founded in July 2014, ImbaTV previously received a roughly $1 million Series A from Innovation Works and Sequoia Capital, which also have contributed to the latest round.
The startup plans to use the new funds to expand its video content, find additional ways to monetize, and organize more international e-sports events. China boasts 40 million e-sports audience members, a figure that compares favorably with traditional sporting events. As the government continues to reduce its policy restrictions on e-sports, the sector should grow.
Aspiring to share Chinese e-sports culture with other countries, ImbaTV has recently signed a partnership with Ukraine’s Starladder.
Pometheus Capital is managed by Wang Sicong, the son of Dalian Wanda Group’s Chairman Wang Jinlin. The firm’s previous investments include LeTV Sports, Palantir Technologies, mobile gaming company Forgame Holdings, and mobile phone browser developer MoboTap.
