Savvy Games Group invests $265M in China’s VSPO esports startup
Connect with top gaming leaders in Los Angeles at GamesBeat Summit 2023 this May 22-23. Register here.
Saudi Arabia’s Savvy Games Group has invested $265 million in VSPO, a Chinese esports startup.
VSPO said that Savvy, owned by Saudi Arabia’s Public Investment Fund, will now become VSPO’s single largest equity holder.
The companies said the deal symbolizes a landmark commercial partnership between China, the world’s biggest esports market, and the Kingdom of Saudi Arabia, as it implements Vision 2030 to become a leading global hub for gaming and esports.
The investment will raise some eyebrows as many consider the money from Saudi Arabia to be tainted by the company’s human rights issues, including the murder of journalist Jamal Khashoggi in 2018.
GamesBeat Summit 2023
Join the GamesBeat community in Los Angeles this May 22-23. You’ll hear from the brightest minds within the gaming industry to share their updates on the latest developments.
The companies said this investment will support VSPO (formerly VSPN) to develop the rapidly growing global esports sector for the benefit of the global esports community, as well as position Savvy to be a key enabler along the games value chain, creating more opportunities for participation and progression across gender, geography, means and ability.
HRH Prince Faisal bin Bandar bin Sultan Al Saud, vice chairman of Savvy Games Group, said in a statement, “We envision a thriving global esports sector with a vibrant, talented, and dynamic community at its core, and we appreciate the immense opportunities for this industry, especially here in the Kingdom of Saudi Arabia with such a young population of approximately 23 million enthusiasts. This investment is one part of the ambitious plan
Read more on venturebeat.com
