Sports media operator, One Championship has secured an additional $166 million of funding. The financial injection expands its capital base to more than $250 million.
The Series D funding round was led by Sequoia Capital, a previous investor. New investors include Singaporean sovereign wealth fund Temasek, alongside Greenoaks Capital, and other institutional investors.
Financial industry sources point to the deal being conducted at an implied valuation of $1 billion. That is largely the same as when Sequoia first announced its investment in April this year.
Headquartered in Singapore, One Championship is a martial arts organization, hosting bouts across multiple disciplines including Muay Thai, Kickboxing, Karate, Kung Fu, Silat, Sanda, Lethwei, Mixed Martial Arts, Tae Kwon Do, Submission Grappling, and more.
The company was started seven years ago as an organizer of fortnightly martial arts contests that it streams, televises and promotes the hell out of. Today its fights are broadcast in 136 countries, and annual revenues of $100 million are imminent.
The company sees itself still as a growth organization. “Reach versus monetization is a trade-off. We have had the benefit of our capital and now investors who see the world our way. We aim to create the purity of engagement, get scale, then monetize at scale,” said co-founder Saurabh Mittal.