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Saudi Arabia’s Savvy Games Group invests $265M in VSPO, China’s esports startup
The Saudi Arabia-based Savvy Games Group has invested $265 million in VSPO, a Chinese esports startup that specializes in tournaments, venues, and production. VSPO, formerly VSPN, stated that the Saudi Public Investment Fund-owned Savvy is now its single largest equity holder.This deal signals a landmark commercial partnership between China, the world’s biggest esports market, and the Kingdom of Saudi Arabia, which is looking to implement Vision 2030, one that sees it become a leading global hub for gaming and esports. Top events by peak viewership organized by VSPO Interestingly, Esports Charts had predicted last year that the then VSPN would be valued at $280.2 million, which is quite close to the funding made by Savvy Games Group. VSPO remains one of the most recognized tournament organizers in Asia, actively cooperating with Tencent to hold world-scale tournaments in the largest mobile disciplines.HRH Prince Faisal bin Bandar bin Sultan Al Saud, who is the 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 that will enable and support the esports ecosystem in Saudi Arabia. Attracting international companies to Saudi Arabia through investments and partnerships will contribute to providing skills, knowledge transfer, and building capabilities in the whole ecosystem.”As per their statement, this investment will aid VSPO in developing the global esports sector, considered by many as one of the quickest-growing industries, which will in turn benefit the global esports community. Their ultimate objective is to make sure Savvy becomes a key enabler in the game’s value chain, meaning it creates more opportunities for participation and progression across gender, geography, means, and ability.
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