Chinese esports organization Edward Gaming closes a pre-A funding round close to 100M yuan ($15.7M).

The round was co-led by Yao Capital, the private equity firm co-founded by NBA hall of famer Yao Ming.

EDG plays in China’s LPL and KPL, and has sponsorship deals with the likes of Gillette and Intel .

The Chinese esports team organization Edward Gaming (EDG) announced late last week that it has raised close to 100M yuan ($15.7M) in a pre-A funding round. According to the announcement, EDG plans to use the capital to reinforce its management, content output, and club operations.

Co-leading the round was Yao Capital, a sports-focused private equity firm co-founded by former NBA player Yao Ming. The other lead investor was China Capital Zhongcai Fund Management, which has also invested $15M in Next Joy Sports, an esports broadcasting and news service provider based in Shanghai.

[perfectpullquote align=”right” cite=”” link=”” color=”” class=”” size=””]EDG is reportedly making a final screening for a potential home LPL city, and will announce its choice later in the year.[/perfectpullquote]

EDG was founded in 2013, and is headquartered in Guangzhou. The club is most known internationally for its League of Legends squad, which competes in China’s LOL Pro League (LPL) competition. It also houses the separate EDGM mobile esports brand, which features an Honor of Kings team currently playing in the franchised King Pro League (KPL).

Related article: Tencent Franchises League for China’s Top Grossing Mobile Game

In May 2017, Tencent announced the LPL would introduce a city-based franchise model. So far, LGD Gaming have established a home stadium in Hangzhou, while WE have chosen Xi’An, Vici Gaming is to go for Shanghai, and OMG will establish its home turf in Chengdu. According to reports, EDG is currently making a final screening of a potential home city, and may announce its choice in the second half of 2018.