Savvy's investment will help VSPO continue to deliver on its global strategy and accelerate the growth of mobile e-sports with a particular focus on Saudi Arabia.
Saudi Arabia-based gaming and e-sports company Savvy Games Group has invested $265m in VSPO, a Chinese esports startup specialising in tournaments, venues and production.
The deal symbolises a “landmark commercial partnership” between China, the world’s biggest esports market, and Saudi Arabia as it implements Vision 2030 to become a leading global hub for gaming and esports.
Savvy, owned by Saudi Arabia’s Public Investment Fund, will now become VSPO’s single largest equity holder.
In a statement, Prince Faisal bin Bandar bin Sultan Al Saud, Vice Chairman of Savvy Games Group, said: “This investment is one part of the ambitious plan that will enable and support the e-sports ecosystem in Saudi Arabia. Attracting international companies to Saudi Arabia through investments and partnerships will contribute to providing skills, knowledge transfer and building capabilities in the whole ecosystem.”
The transaction reportedly marks the biggest cash investment ever made in an e-sports organisation.
Brian Ward, CEO of Savvy Games Group, added: “This is a significant transaction for Savvy, and gives us a major foothold in the important Asia region. We are looking forward to diversifying our geographic footprint alongside VSPO. This historic investment will strengthen our ambitious global strategy, with a particular focus on Asia and the Middle East, where we will support Savvy’s vision to grow e-sports throughout this incredibly dynamic and young region.”
Dino Ying, CEO and founder of VSPO, said that working with Savvy would contribute worldwide to the sector’s growth, and VSPO will also use this funding to invest in pioneering new technology to further enhance the experience for game fans.
“This historic investment will strengthen our ambitious global strategy, focusing on Asia and the Middle East where we will support Savvy’s vision to grow esports throughout this incredibly dynamic and young region,” Ying added.
