Group One Holdings, the company behind mixed martial arts brand One Championship, raised at least US$50 million from investors including Qatar Investment Authority, according to people familiar with the matter.

The round gives Group One a valuation of at least US$1.35 billion, one of the people said. That is similar to the post-money valuation from a previous round in 2021, which QIA led with Guggenheim Investments.

A representative for Group One confirmed the latest fundraising round, but declined to comment on the amount or other details. QIA declined to comment.

Group One, a rival of Endeavor Group Holdings Inc.’s Ultimate Fighting Championship, agreed a multi-year partnership with Qatar’s BeIN Media Group in 2022 to broadcast events across the Middle East and North Africa. It signed another with Amazon.com Inc.’s Prime Video to show at least a dozen events annually in the US and Canada.

“The company is on the verge of profitability after a decade of investing in the global brand, live events, world-class athlete roster and broadcast partnerships,” said Hua Fung Teh, co-founder and president of Group One.