Eloelo Raises $22 Million In Pre-Series B Funding 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 monetization efforts
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Eloelo, a live entertainment and social gaming platform, has raised $22 million in its pre-Series B funding round 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. The funds raised will be utilized to forge partnerships with creators, develop innovative tools across AI and AR for them, attract a broader pool of tech and product talent, and strengthen revenue generation and monetisation initiatives.
"Eloelo wants to be a "party in your pocket", where users are not just watching a livestream but are part of the experience. Social Media is supposed to help you belong but most alternatives let you consume content solitarily. We are pioneering a new category of Live Social Entertainment– almost like a 'Digital Third Place' where young Indians are always connected. This fundraise in such a testing macro environment further enforces the belief our investors have in our vision," said Saurabh Pandey, CEO and founder, Eloelo.
According to an official statement, the App is live in 6 languages and aims to add many more in the next few months seeing the adoption from tier 2, 3 audiences. It said to use a blend of AI and manual content moderation to maintain a secure environment for all users.
"At Griffin, we're inspired by India's rapidly evolving market landscape, led by innovative companies like Eloelo. Through the magic of gamification, Eloelo is transforming livestreams into captivating experiences that translate to deep audience engagement. 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, Griffin Gaming Partners.