iQIYI Sports receives further round of CNY350m funding

iQIYI Sports, on September 4, announced that they had received a further round of CNY350m funding from some important companies completing their A round financing. 

Investors in this round are China Jianteng Sports Industry Fund and Yao Capital. China Jianteng Sports Industry was jointly established by Chinese Culture Group Co., Ltd and Sequoia Capital China Fund. 

iQIYI Sports first announced a CNY500m financing as part of their A round financing at the beginning of August. This came after announcing the set up of iQIYI Sports by Super Sports and iQIYI and they explained at the time that the CNY500m was not the entire A round financing. 

Together with the CNY500m funding, the newly founded sports streaming platform iQIYI  received a total of CNY850m funding for the A round financing. 

Representatives of Chinese Culture Group, Sequoia Capital and Yao Capital, all expressed that they had confidence in the future prospect of online media platform and/or online sports media platform. They are very glad to be involved in the creation of iQIYI Sports. 

Back in August, Super Sports and iQIYI announced they had co-established Xin’ai Sports to run the dedicated online sports streaming platform, iQIYI Sports. The President of Super Sports, Yu Lingxiao, will directly participate in the operation of iQIYI Sports. 

Reference: Sina 

Proofread by Raymond Fitzpatrick