(Yicai Global) July 19 -- Hangzhou-based Alibaba and Goldman Sachs spearheaded the A-series fundraising, parent Suning Holdings Group said in a statement. Other investors included tech unicorn SenseTime Technology, real estate giant Evergrande Group and Yunfeng Capital, which was founded by Alibaba Executive Chairman Jack Ma.
Suning will explore cooperation opportunities between PPSports and Alibaba's own video platform Youku, which holds the rights to stream the 2018 FIFA World Cup. Suning has spent more than CNY10 billion (USD1.6 billion) on securing exclusive streaming rights to Spanish, German and domestic league soccer as well as Ultimate Fighting Championship.
The financing round values Suning Sports at more than CNY10 billion and the company has already started preparations for a B-series. The firm, one of Suning Holding's eight major business units, is also involved in sports media, smart hardware, commercial retail and youth football training.
Editor: William Clegg