June 16, 2020 / 4:24 AM / 24 days ago

Mixed martial arts firm One Championship raises $70 million, but cuts 20% of staff

Chatri Sityodtong, CEO of ONE Championship a martial arts fights promotor talks during an interview with Reuters in Bangkok March 24, 2018. REUTERS/Prapan Chankaew/Files

SINGAPORE (Reuters) - Asian mixed martial arts promotion firm One Championship said on Monday had raised $70 million in a new funding round, but was cutting 20% of its staff - a move which comes after not being able to stage events since February due to the coronavirus pandemic.

The Singapore-based startup, which is backed by Sequoia Capital, said in a statement “it has added $70 million to its war chest, bringing total capital to US$346 million”.

It said the new funds came from existing institutional investors and a new institutional investor, but did not identify them. It also did not give staffing numbers.

Founder and CEO Chatri Sityodtong was quoted by Business Insider in 2019 as saying the firm was valued at “above $1 billion”.

(Corrects founder’s name in fourth paragraph)

Reporting by Fanny Potkin; Editing by Edwina Gibbs

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