Shanghai-headquartered esports organization Bilibili Esports announced that it has raised a ¥180M RMB ($27.85M USD) seed financing round led by the Zhejiang Chuangxiang Cultural Fund, an investment fund, which is, for the most part, backed by state-owned publishing group Zhejiang Publishing and broadcasting firm Zhejiang Radio and Television Media Group. Further investors that participated in the investment round include investment fund Tianfu Culture Investment and media company Chengdu B-Ray Media.
Bilibili Esports is majority-owned by the eponymous Chinese live streaming platform Bilibili and its leadership around Bilibili CEO Chen Rui. The company was established in February 2018 and now owns and operates two major Chinese esports teams, the League of Legends Pro League (LPL) franchise Bilibili Gaming (BLG) and the Overwatch League (OWL) franchise Hangzhou Spark.
Additionally, Bilibili Esports offers esports and gaming event organization, production, and management services.