Live social gaming platform Eloelo raises $2.1 million in pre-series A funding
Premium- The fresh funding will be utilised to augment its continued focus on creator partnerships and aid the launch of new live gaming formats
Bengaluru: Live social gaming platform, EloElo on Tuesday said it has raised $2.1 million as a part of its pre-series A funding round co-led by Waterbridge Ventures and Lumikai Fund.
Better Capital and talent management firm Exceed Entertainment also participated in the round.
According to the company, the fresh funding will be utilised to augment its continued focus on creator partnerships and aid the launch of new live gaming formats.
The year-old startup, Eloelo is live streaming and social gaming platform which brings indigenous activities like tambola, antakshari, and musical chairs, in live formats with creators hosting games for their community of fans.
“Live video is increasingly resonating with fans as it helps them build ‘authentic’ relationships with creators. Today our users spend anywhere between 30-35 minutes daily enjoying live games, live streams on our app. In the next one year, we will be launching multiple creator-led live games and event formats that unlock monetization for creators and interactive entertainment for users," said Saurabh Pandey, chief executive officer and co-founder of Eloelo.
EloElo claims to have seen a 15-times spike in users over the past six months, crossing 1 million users on the platform with over 100 million game events recorded.
“EloElo has fostered an inclusive, welcoming and safe community for friends and family to play together, and for fans to become stars in their own right. We look forward to working with the team as they build a truly next-generation social community leveraging the power of play for the next 10 million fans," said Justin Shriram Keeling, general partner of Lumikai.
The platform has boarded over 15,000 influencers organically over the past few months, said the company.
MINT PREMIUM
See All
“The creator economy is experiencing an inflection point around the world and across market segments like India. A brand new infrastructure is being built to help creators build, earn and grow. Eloelo is just that - an engine of growth for creators in Bharat and India,'' said Vaibhav Domkundwar of Better Capital.
Recently, Eloelo also started a ‘creator program’ where aside from monetization, creators are equipped with data and insights from their live events, with the company providing guidance to help them grow.
The company aims to touch 10 million users over the next 12 months.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!