ONE Championship Raises $70M, Reduces Workforce by 20%

Singapore-based sports media company Group One Holdings raised a $70M USD investment, bringing the company’s total capital to $346M. Group One Holdings operates as ONE Championship and specializes in mixed martial arts entertainment. In late 2018, the company entered into a joint venture with the Japanese advertising agency Dentsu to launch ONE Esports.

Furthermore, the company announced a 20% reduction in its total worldwide workforce.

When ONE Esports was first launched, ONE Championship announced its plans to lead up to $50M of investments alongside other key partners into ONE Esports. In 2019, ONE Esports’ first events took place. In October, ONE Esports hosted a TEKKEN and a Street Fighter event in Tokyo, Japan, as part of ONE Championship’s commemorative activities for its 100th event. In December, its $500K prize pool ONE Dota 2 Singapore World Pro Invitational, was held at the Singapore Indoor Stadium.

Source: Read Full Article