Eloelo, a platform specializing in social gaming and live streaming, has successfully garnered $22 million during its recent pre-Series B funding round. The investment was a joint effort led by Courtside Ventures and Griffin Gaming Partners, featuring participation from MIXI Inc. Existing investors like Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures, and Rocket Capital also contributed.
This funding event follows the company’s Series A round in June 2022, where it secured $13 million, bringing its total fundraising to more than $37 million as reported by TheKredible, a data intelligence service. The latest valuation places Eloelo at a post-money value exceeding $100 million.
In a press release, Eloelo outlined plans to allocate the fresh capital towards expanding its creator partnerships, developing state-of-the-art tools, recruiting tech and product specialists, and amplifying its revenue-generating strategies.
Eloelo was co-founded by Saurabh Pandey and Akshay Dubey, offering an array of native games like tambola, antakshari, and musical chairs in a live streaming format. These games are hosted by creators who engage with their expansive fan communities. Currently, the platform features more than 50 categories of live games and entertainment, with over 1,000 live streams occurring daily.
The app supports six languages, with plans to introduce more, driven by growing user adoption in tier II and tier III locations.
As for user metrics, the platform boasts a user base of 37 million and a creator community of 120,000. Eloelo is optimistic about its growth trajectory, projecting that it will reach 50 million users by the close of 2023.
In the crowded marketplace of social entertainment, Eloelo faces competition from various platforms such as Chingari, ShareChat, and Bolo Live, among others. However, with this latest round of funding, the company is well-positioned to scale its offerings and compete effectively in this dynamic sector.
