Fox Sports

LeSports secures $1.2 billion in series B financing

The company, now valued at $3.3 billion, specializes in acquiring streaming rights to sporting events, as well as creating "smart" fitness devices.
March 31, 2016

Chinese tech company and sports streamer LeSports has secured $1.2 billion in Series B financing, bringing the company’s total investment to $1.35 billion and its total valuation to $3.3 billion, according to the company.

The latest funding round was lead by Chinese conglomerate HNA Group, along with several celebrity investors. Alibaba founder Jack Ma was among the company’s initial investors.

LeSports, which was established in March 2014, is an independent subsidiary of Chinese tech brand LeEco, a division of Le Holdings. Its strategy combines event operations, the manufacturing of “smart” electronic devices (such as its performance-tracking “Super Bike”) and streaming content.

In the two years since its launch, LeSports has acquired the streaming rights to partners including the Chinese Super League, Major League Baseball, FIFA, UEFA, English Premier League, the Association of Tennis Professionals, NFL and the NCAA’s Pac-12 conference.

The funding was announced by Le Holdings CEO Yueting Jia at the 2016 Shenzhen IT Summit.

LeSports CEO Zhenjian Lei said in a statement the company’s mission is now to expand its user-base, acquire more resources and create new smart devices.

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