ImbaTV, a gaming video contents provider in China, announced that the company has completed its second round financing of about CNY100 million.
According to ImbaTV, its investors include Zijin Cultural Development Fund owned by Addor Capital, Prometheus Capital, and its first round investors Sequoia Capital and Innovation Works. So far, all investments have reportedly been received.
As a new investor of ImbaTV, Addor Capital chairman Ying Wenlu said they are optimistic about the future development of China's e-sports industry. Ying said there are over 40 million e-sports audience members in China, which can compare favorably with traditional sports events. In the future, the value of e-sports events will continue to increase.
In addition, Ying said China is gradually releasing its policy limits on e-sports, and this will promote the rapid development of this industry. The investment in ImbaTV is an important focus of Zijin Cultural Development Fund in the e-sports industry. Zijin Cultural Development Fund will use its resources to drive the development of ImbaTV.
ImbaTV will invest the newly financed capital in three sectors: creating and making new gaming entertainment programs; exploring business liquidity models in new areas of gaming O2O; and organizing international e-sports events.
ImbaTV is also striving to expand Chinese e-sports culture to other countries. The company has reached strategic cooperation with Ukraine's Starladder, aiming to introduce Chinese e-sports culture to the world.