Asian sports brand One Championship has laid off 20% of its total workforce in a streamlining exercise, the company said today.

No further details, including the geographic breakdown of the job losses, were available.

The mass layoffs coincided with US$70-million new funding from existing backers and one new institutional investor.

The new money brings the company’s total capital to US$346 million.

Hua Fung Teh, group president of ONE Championship said he was “thrilled” and “full of gratitude” at the investor vote of confidence “amidst the worst global economic crisis in 100 years”.