New Delhi, Sep 20 (SocialNews.XYZ) Live entertainment and social gaming platform Eloelo on Wednesday said it has raised $22 million in its Pre-Series B round, led by Courtside Ventures and Griffin Gaming Partners.
The funding will be used to partner with more creators and develop new tools for them, attract more talent across tech and product, and bolster monetisation efforts, the startup said in a statement.
The funding round was joined by MIXI Inc, along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital.
With this fresh funding, Eloelo has raised $37.5 million to date. The round comes 14 months after its Series A round of $13 million in June 2022.
“Our growth of 400 per cent YoY showcases the love users have given the product. This fundraise in such a testing macro environment further enforces the belief our investors have in our vision,” said Saurabh Pandey, CEO and Founder of Eloelo.
Eloelo, ranked among the top three apps in India on the Google Play Store in entertainment, has over 37 million users and 120,000 creators.
“Eloelo is pioneering a new form of entertainment in India. Through a unique combination of game participation within live streaming, they are building the next generation of social networking that enables true interactivity within their community,” said Kai Bond, Partner at Courtside Ventures.
The primary distinguishing features include its ability to get users to simply push-to-talk inside various chat rooms, in-house games integrated into live streams and its focus on clean entertainment for family audiences.
A recent report estimates the global live-streaming market at $46 billion, with India's current share at $2 billion.
The app is live in six languages. It said it uses a blend of AI and manual content moderation to maintain a secure environment for all users.
“Eloelo is transforming livestreams into captivating experiences that translate to deep audience engagement”, said Nick Tuosto, Managing Director and Co-founder of Griffin Gaming Partners.
Source: IANS
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