ONE Championship now has a total of $346 million of total capital per the company’s announcement on Monday. This comes after the largest sports media property in Asia secured $70 million from investors amid the global COVID-19 pandemic.
Names of the investors were not disclosed but noted venture-capitalist firm Sequoia Capital backs the organization.
Group president of ONE Championship Hua Fung Teh said, “I am full of gratitude for this strong vote of confidence amidst the worst global economic crisis in 100 years.”
Per DealStreetAsia, ONE is planning on continuing their 2020 schedule as governments and border restrictions are lifted around the world. The martial arts company’s last live event came on February 28 in Singapore.
As the global economy weakens amid the pandemic, ONE is streamlining operations to secure a stable future. The announcement also stated there would be a 20% headcount reduction globally.
In its previous funding round, ONE was valued at over $1 billion. The organization will focus on monetizing its global audience, which posted strong cross-platform views in 2019 per Tubular Labs. In the United States, ONE is in the midst of a three-year broadcast deal with Turner Sports signed in 2018. The agreement extends across the Turner Sports platforms, including TNT and the B/R Live app.
“With nine figures of cash on the balance sheet and a streamlined organization, ONE Championship looks forward to continuing to delight our fans around the world with more heroes and new experiences for many years to come,” stated Hua.
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