Date
12 December 2017
Douyu TV, China’s version of Amazon.com's live streaming video platform Twitch, said it is now recording profits. Photo: Douyu TV
Douyu TV, China’s version of Amazon.com's live streaming video platform Twitch, said it is now recording profits. Photo: Douyu TV

Game streaming firm Douyu TV raises 1 bln yuan, reports profit

Douyu TV, China’s version of Amazon.com’s live streaming video platform Twitch, says it has finalized its latest funding round without disclosing the amount raised.

The Series D funding size is more than 1 billion yuan (US$150 million), raising the company’s valuation to over 10 billion yuan, Chinese online media service Sohu reports, citing people familiar with the matter.

The game streaming service also said it is now recording profits and expanding actively through external investments.

The company has invested in 11 live-streaming and video games-related startups, including e-sports club LCD-Gaming, e-sports fan community Famulei.com and live video streaming social network NonoLive.

Douyu TV previously said it had raised 2.2 billion yuan (about US$333 million) in earlier fundraising exercises.

The latest funding round was led by CMBI International Capital Corp. Ltd., whose Hubei and Shenzhen arms will take 4.69 percent and 0.53 percent of Douyu TV respectively. State-backed Nanshan Capital also joined this round, taking 0.04 percent of the firm.

CMBI International Capital is a wholly-owned subsidiary of China Merchants Bank (03968.HK, 600036.CN).

According to Tech in Asia, Douyu TV had raised US$100 million in its Series C funding round, which was led by Chinese tech giant Tencent in 2016, with funds from Sequoia Capital and Nanshan Capital.

Founded in 2013, Wuhan-based Douyu TV is the apparent frontrunner in China’s live e-sports broadcasting market. The company claims to control over 70 percent of the market, with 30 million daily active users and nearly 200 million monthly active users.

Douyu TV is not without domestic competitors. Its largest may be Panda TV, a live-streaming venture created by Wang Sicong, son of Chinese billionaire Wang Jianlin, which received 1 billion yuan funding in May this year. Other players in the field include Tencent’s Penguin E-sports and Huya.

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BN/CG

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