ONE Championship bags US$70m funding, cuts 20% headcount

ONE Championship has bagged US$70 million in new funds, bringing its total capital to US$346 million. At the same time, it has also streamlined its operations, making a 20% reduction in total worldwide headcount. A quick check by Marketing found that ONE Championship currently has about 380 employees on LinkedIn. ONE Championship declined to comment on Marketing's queries on the new funding and job cuts.

Group president Hua Fung Teh said the latest round of funding closed a few weeks ago with existing institutional investors as well as a new institutional investor.  "I am full of gratitude for this strong vote of confidence amidst the worst global economic crisis in 100 years. With nine figures of cash on the balance sheet and a streamlined organisation, ONE Championship looks forward to continuing to delight our fans around the world with more heroes and new experiences for many years to come," he added.

In May, the company said its existing partnership with TUMI will expand to include a special branded challenge during season one of The Apprentice: ONE Championship Edition. Together with ONE Esports, TUMI’s global design team will challenge the show’s contestants to help design, market, and launch the ultimate luxury gaming bag in an episode of the series. To bring the bag to life, contestants on The Apprentice: ONE Championship Edition will work with TUMI to leverage the brand’s functionality,  performance, and design to create a product that is perfectly catered to the needs of gamers on the go. TUMI and ONE Championship will also partner on additional marketing efforts to promote this new initiative, which will eventually be sold to the public.

The Apprentice: ONE Championship Edition invites 16 contestants to compete in high-stakes business competitions and physical challenges. The winner will receive a US$250,000 job offer to work for a year directly under Sityodtong as his protege at the ONE Championship Global Headquarters in Singapore. Among the contestants include Catcha Group co-founder Patrick Grove and co-founder of Zilingo Ankiti Bose.

Meanwhile during the same month, ONE Championship also announced new strategic partnerships including Xiaomi, Intel, HP and Logitech. According to the company, these revenue partnerships will leverage multiple ONE Championship content stacks and platforms, including its martial arts and esports businesses, as well as ONE Studios. Commitments span martial arts and esports platforms in 2020 and will also include The Apprentice: ONE Championship Edition.

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