Founded in 2015 and, as the Alibaba Group’s sole sporting business company, Alisports has reportedly begun the first round funding in recent days. The valuation of the company before the release of equity is 700 million Yuan. Alisports is to release 15% equity and the total raised funds will be 123.5 million Yuan.

The round is led by Yunfeng Capital and its associated capital contribution is expected to be 103.5 million Yuan. In addition, another two investment companies will join in the round; one of them will invest 18 million Yuan. 

In reference to the finance obtained, Alisports is chiefly aiming at IP intergrated operation, content production & rights purchase, acquisition and investment, daily operation and fixed asset purchases.

According to the first round funding documents, Alisports is positioning itself to be the foundation platform for the Chinese sports economy. In effect the firm would not need to purchase high-priced rights for the sake of acquiring users and flows. It will realize final profits through redeveloping sports content and then the platform for the whole industrial chain will build up from there.

Source: Tencent

Proofread by Sean O Diobhilin