Chinese online sports ticketing agency Wesai recently announced the company has finalized its Round A fundraising, which was led by China Media Capital (CMC).

Despite the fact that the figure was not officially announced, Wesai reportedly raised RMB265 million from investors in Round A, with many reports citing an internal email from Wesai CEO Lin Ning. In addition, the fundraising has increased the company’s valuation to RMB1.2 billion. The raised money will be used to upgrade Wesai’s sports products and rights as well as tapping sports consumption.

As well as CMC, companies like Tencent, Legend Capital, Trends Group, 500.com and a foundation launched by retired NBA star Yao Ming also played a part in Wesai’s fundraising.

Currently Wesai are mostly focusing on tickets for the Chinese Super League and China League One, China’s top tier and second tier soccer leagues respectively. The company launched an independent mobile APP for users last month.

Source: Qdaily

Proofread by Sean O Diobhilin