Chinese online video streaming platform iQIYI Sports announced successful closing of a $51.1 M second tranche Series A funding round. $43.8 M are coming from China Sports Capital, a joint venture between Sequoia China and China Media Capital (CMC), while the remaining $7.3 M are injected by a private equity firm co-funded by former NBA star Yao Ming.
iQIYI Sports plans to use the funds to enrich its football, tennis and golf content, seeking ways to increase its presence in China’s fast-growing sports streaming industry. Following the round, the estimated valuation of the Company reached $489.5 M.
iQIYI Sports was established a month ago and is currently operated by Beijing Xinai Sports Media Technology, a joint venture between iQIYI, the Chinese equivalent of Netflix, and Super Sports Media, a subsidiary of DDMC Group and an exclusive media rights owner of UEFA Nations League, the English Premier League and many tennis tournaments in mainland China.
SORTIS view: The influx of capital combined with technological integration will make traditional sports ever more popular and interactive across China and worldwide. We believe the natural course is integrating real-time streaming of detailed players’ physical metrics to spectators.
