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ONE Championship announces US$70m funding amid 20% staff cuts

Getty ImagesSingapore-based martial arts promotion ONE Championship has announced that it will be cutting one-fifth of its workforce despite raising US$70 million in its latest funding round. ONE, which has not staged an event since 28th February due to the Covid-19 pandemic, said in a statement that it has ‘streamlined operations’ in addition to the funding, which included a ‘20 per cent reduction of total worldwide headcount’. According to LinkedIn, ONE employs between 201 and 500 members of staff. ONE’s latest funding round brings the total amount raised by the organisation to some US$346 million. The round featured both new and existing investors, which include venture capital firm Sequoia Capital and Singapore’s sovereign wealth fund Temasek Holdings. ONE, whose founder and chief executive is Chatri Sityodtong, declined to reveal the identity of the new investors when contacted by SportsPro.

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