(Yicai Global) Jan. 12 -- Chinese online sports portal Hupu has closed CNY618 million (USD95 million) in funding as it looks to research intellectual property and make more investments.
China International Capital Corp. led the round, China Sports Daily reported. The firm also plans to its improve algorithms and product design.
Hupu mostly collects revenue from e-commerce and sports marketing. Its affiliated online retail platform Shihuo saw over CNY2 billion in transactions last year.
The company has bought into several domestic sports startups via two funds it manages since 2015. Its targets include Dongqiudi, Kunlunjue, Supermonkey, Joyrun and Sylphlike-Loli. Kunlunjue closed its C-round at USD500 million last year and Supermonkey bagged CNY1 billion in its Sequoia Capital-led C-round just a few months ago.
The company has made rapid progress in e-commerce, sports IP and investment thanks to support from its users, CICC said.
Hupu began as a basketball community in 2004 before commercializing in 2007, and is now responsible for developing some of sport’s biggest IPs in China, including those of Spanish soccer clubs Barcelona and Real Madrid.
It also developed a basketball competition, Lurenwang, which reached 34 cities in one year, securing sponsorship from well-known brands Adidas and L’Oreal and attracting 110 million video views in a single month.
Hupu cancelled its IPO plans early last year after announcing in 2016 that it would issue over 33 million shares to raise CNY420 million.