Le Sports raises RMB8bn in Series B fundraising

Le Eco President and CEO Jia Yueting officially announced at the China (Shenzhen) IT Summit that Le Sports, the sports unit of Le Eco, has raised RMB8 billion from investors in Series B fund raising, according to various media reports.

Tencent Finance says over 30 investors, including investment enterprises and individual investors, have committed RMB8b to Le Sports, making the company valuation soar to RMB21.5 billion.

With the money raised, Le Sports will upgrade its content platforms and develop smart equipment. Furthermore, the company will try to add more services in order to encourage a broader variety of users to participate in sports.

As reported earlier, China’s HNA Group has investedRMB1.2 billion in Le Sports while several entertainment celebrities have also become shareholders of the company. Le Sports is set to unveil more details in mid-April when the company will hold a press conference in Beijing.

Source: Tencent

Proofread by John Devlin.