Kunlun Fight, a Chinese sports company focused on organizing kickboxing matches, has completed RMB200 million (US$31 million) series B round of financing from Morningside Ventures, IDG Capital Partners and Northern Light Venture Capital, according to Chinese media reports.
The backing from top venture investors in Kunlun fight is a continuation of increasing appetite by Chinese investors in the entertainment, sports, film and media sectors.
With the latest proceeds, the company plans to expand into new areas of business, including training, VR (Virtual Reality) games, and films.
Operated by Kunshang Media, Kunlun Fight made its televised debut in 2014. It held 17 events all over the world that year in Thailand, China, the Philippines, and Belarus.
The company planned 24 events in 2015, including in three countries in Europe. For this year, it is targeting 26 top-level matches and franchising its brand to third parties to host events in lower tier cities.