Chinese online entertainment service iQiyi Sports, a joint venture between iQiyi and Super Sports Media, has completed its Series A round of financing, securing a total of CNY 850 million in investment. This second tranche of financing secured an investment of CNY 350 million from both China Sports Capital, a joint venture between CMC Capital Partners and Sequoia Capital, and Yao Capital. This followed an initial tranche of RMB 500 million financing completed in August, provided by IDG Capital and private equity firm Hui Ying Bo Run.
The upgraded iQiyi Sports app will bring its subscribers coverage of association football, golf, and tennis competitions, including the Premier League, the UEFA Nations League, the Masters, the British Open, the US Open, the PGA Championship, the PGA Tour, the Australian Open, the ATP World Tour and the WTA Tour. Subscribers will soon also be able to access La Liga, Euro 2020 and other football competitions such as the AFC Champions League, AFC Asian Cup and FIFA World Cup Qualification.
