Fighting Esports Group raises a whopping $15 million
No, that figure isn’t made up. The Chinese gaming network Fighting Esports Group (FEG) has lofty aims in mind, namely to grow the mobile esports network. The funding round was led by China Sports Capital, who are made up of a co-venture between CMC Capital Partners and Sequoia Capital. SAIF Partners and Sea of Star Capital also participated in the round and clearly, no expense was spared. It’s a historic amount raised in just one round of funding and the FEG intend to put it to very good use.
Funding rounds are essential to the world of esports. They allow sponsors and partners to work together, to put forward huge amounts of capital that can be used to improve and expand current esports tournaments. Without these types of events, there would be few to no professional leagues, formal competitions would be much much smaller and esports pro players would be few and far between as the career simply wouldn’t pay as well.
The sheer amount raised here also makes another great statement, and that is that esports are steadily growing and the chance to be recognized as an official sport, grows with it. Companies willing to front big money, means it’s viewed as a sound investment. Professional players are the envy of a lot of gamers out there, but as the tournaments keep expanding, the chances for more players to turn pro present themselves. It’s definitely a win-win for the industry.
FEG has big plans for their new capital and though they haven’t confirmed for definite via a public announcement yet, sources close to them have advised that they will be partnering with Tencent to turn the money into action. Initially this funding will be used to put some carefully laid out plans into place. Primarily the intent is that the current Honor of Kings competition KPL will be extended into South Korea. This means an entirely new league in its own right is on the cards.
Honor of Kings is one of the highest grossing mobile games in China, and this Multiplayer Online Battle Arena (MOBA) title has been specifically designed for mobile players. The graphics, high-paced action and smooth performance meant it was an instant hit. The ability to take the game wherever you go didn’t hurt things either. In its home country of China alone there are over 200 million Honor of Kings players, but it’s not just here that the game is popular. There are fans all over the world and this expansion to see leagues go multi-national is going down a storm.
While there are no final figures for things such as prize money just yet, one thing is for sure, fans and pro players are eagerly awaiting this new opportunity to get their teeth into. The name of the new league will be the Korean King Pro League (KRKPL) and currently it’s anyone’s guess as to who will come out on top. Until then, keep your eyes peeled for future updates about South Korea’s newest tournament.