Shanghai-headquartered esports organization Bilibili Esports announced that it has raised a ¥180M RMB ($27.85M USD) seed financing round led by the Zhejiang Chuangxiang Cultural Fund, an investment fund, which is, for the most part, backed by state-owned publishing group Zhejiang Publishing and broadcasting firm Zhejiang Radio and Television Media Group. Further investors that participated in the investment round include investment fund Tianfu Culture Investment and media company Chengdu B-Ray Media.
Bilibili is majority-owned by the eponymous Chinese live streaming platform Bilibili and its leadership around Bilibili CEO Chen Rui. The company was established in February 2018 and now owns and operates two major Chinese esports teams, the League of Legends Pro League (LPL) franchise Bilibili Gaming (BLG) and the Overwatch League (OWL) franchise Hangzhou Spark.
Additionally, Bilibili Esports offers esports and gaming event organization, production, and management services.
Bilibili, also nicknamed B Site in China, is a Chinese video sharing website based in Shanghai, themed around animation, comic, and games (ACG), where users can submit, view and add overlaid commentary on videos. Bilibili uses Adobe Flash or HTML5 player, to play user submitted videos hosted by either itself or third-party sources, featuring a scrolling commenting system nicknamed “bullet curtain” (弹幕 Chinese: danmu; Japanese: danmaku), referring to the bullet hell subgenere of shoot ’em up video games.
Bilibili offers videos of various fields, including anime, music, dancing, science and technology, entertainment, movie, drama, fashion, video game strategy, daily life and advertisement films, but is also known for the extensive kuso-style parodies by subcultural content creators. Bilibili provides a live streaming service where the audience can interact with streamers. Other than videos, Bilibili also offers games, mostly ACG-themed mobile games, such as the Chinese version of Fate/Grand Order.
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Source: The esports observer
