Asian mixed martial arts promotion the One Championship is closing in on a new funding round worth at least $100m ($122.3m) that will grant it a valuation of $1bn, according to Bloomberg.
The news agency, citing people with knowledge of the situation, said the lead investor in this round will account for more than half of the funding, with the rest of the deal expected to close by the end of July. One reportedly plans to use the proceeds to expand in China, South Korea and Japan.
One secured its latest major round of funding in July as venture capital firm Sequoia India and investment vehicle Mission Holdings acquired significant shareholdings. Chatri Sityodtong, the championship’s chairman and chief executive, said the Series C investments meant that the series had raised more than $100m in funding since its launch in 2011.
One last month appointed Saurabh Mittal, founder and chairman of Mission Holdings, as its vice-chairman. One said the Indian billionaire will be responsible for key strategic initiatives as it seeks to continue its development as the largest global sports media property in Asia.