Letv Sports to start fundraising Series B

A co-founder and deputy president of Letv, named Liu Hong, lately revealed that Letv Sports, as the emerging online sports media entity in China, is looking to raise its second round of funding.

After securing $129m from investors in the first round of fundraising, Letv Sports now aims to “create a fairy tale” in sports media sector by proceeding fundraising Series B.

According to media reports, Letv Sports could seal around $3b of funds this time.

In an effort to approach for a global brand Letv Sports has established a headquarter in the Silicon Valley, USA, triggering rumors that the China’s leading sports company would seek to be listed on US stock market.  

Lei Zhenjian, CEO of Letv Sports, confirmed the second round of funding and opening a head office in USA was for business necessity rather than capital operation.