Eloelo, a social gaming platform, said it has raised $22 million in its Pre-Series B round. The round was jointly led by Courtside Ventures and Griffin Gaming Partners, joined by MIXI Inc, along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital investing in the round.
With this fresh funding, Eloelo has now raised a total of $37.5 million. The funds from this round will be utilised to forge partnerships with creators, develop innovative tools across AI and AR (augmented reality). This would also help to attract a broader pool of tech and product talent, and strengthen revenue generation and monetisation initiatives. The round comes 14 months after its Series A round of $13 million in June 2022.
"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 platform has over 37 million users and 120,000 creators.
"Our growth of 400 per cent year-on-year showcases the love users have given the product," said Saurabh Pandey, CEO and founder of Eloelo. "This fundraising in such a testing macro environment further reinforces the belief our investors have in our vision."
"The platform has attracted a vast community of content creators, driving its growth to nearly 40 million users — a striking testament to the potential ahead for Eloelo," said Nick Tuosto, managing director and co-founder of Griffin Gaming Partners.
A CYG report estimates the global live-streaming market at $46 billion, with India's current share at $2 billion. Eloelo is steadily launching various ways for creators to generate revenue, including gifting inside chatrooms, participation in group audio calls, and hosting game shows.
The app is live in six languages and aims to add many more in the next few months, seeing the adoption from Tier-II, Tier-III audiences. The firm said it uses a blend of AI and manual content moderation to maintain a secure environment for all users.