Business / Companies

LanYou Culture aims to raise $4.48m to bring e-sports to college students

By Meng Jing ( Updated: 2016-07-20 13:57

After securing a fund of 30 million yuan ($4.48 million) from the son of China's richest man, LanYou Culture, an e-sports event organizer, is busy preparing to raise more money to gear up its global expansion.

The move is the Shanghai-based firm's latest in an effort to reach more college students around the world.

Gu Qiyun, chief operation officer of LanYou, told China Daily that the company has started its new round of fundraising, aiming to raise 100 million yuan to 150 million yuan by January of 2017.

"The money is expected to help LanYou hold e-sports carnivals in colleges in eight countries in the world. We want to attract e-sports fans not only in Chinese colleges but also from countries outside China," she said.

LanYou, which was founded in 2014, targets college e-sports fans rather than professional players. Its unique advantage has helped it gain 30 million yuan in funding at the end of June from a venture capital firm led by Wang Sicong, son of Wanda Group's Wang Jianlin.

LanYou has held three e-sports events in China. The most recent one held in Nanjing earlier this week combined e-sports contests, flea markets and cosplay concerts. An estimated 15,000 college students participated in the two-day event.

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