Matrix Partners Signs Up With $100M Series B Round In Chinese Social Gaming Startup Quwan|South Africa Today
Guangzhou Quwan Network Technology, a Chinese social gaming start-up, revealed that it has closed US$ 100 million in series B funding from Matrix Partners China and Orchid Asia Group Management.
Founded in 2014, Quwan offers services consisting of instantaneous voice messaging, social gaming, esports, and video game distribution. It operates TT Voice, which started as a voice chat application developed for mobile players and was later on established into a social gaming platform. It concentrates on developing personalized services for the Gen Z audience.
TT Voice, which declares to have more than 100 million signed up users, functions as the team owner of 2 franchise leagues competing in the League of Legends and the Honor of Kings.
“Gen Z’s online social demand is unmet. It will be an excellent way to go into the sector by catering to their interests, specifically video games and esports,” stated Huadong Wang, a partner at Matrix Partners China.
The most recent investment comes after Quwan raised an undisclosed amount of series A financial investment, likewise from Matrix Partners China, in April last year.
According to iReseach, China’s esports market income is anticipated to reach 165 billion yuan (US$ 25.5 billion) this year, increasing by 17.5% from the previous year.
Tencent, a prominent player in the video game area, has proposed a merger between the game-streaming platforms Huya and Douyu to develop a new game-streaming giant that will be valued at more than US$ 11 billion. Tencent will be taking a 67.5% stake in the combined entity.