Eloelo Secures $22 Million in Pre-Series B Round, Valuation Surpasses $100 Million
- ByStartupStory | September 20, 2023
Social gaming and live streaming platform Eloelo has successfully raised $22 million in a pre-Series B funding round. The financing was co-led by Courtside Ventures and Griffin Gaming Partners, with participation from MIXI Inc and existing investors Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures, and Rocket Capital. This funding round follows Eloelo’s $13 million Series A round in June 2022, bringing its total funding raised to over $37 million, according to data intelligence platform TheKredible.
Eloelo, co-founded by Saurabh Pandey and Akshay Dubey, offers a platform where creators host live native activities like tambola, antakshari, and musical chairs for their fan communities. The company boasts more than 50 live games and entertainment categories, with over 1,000 daily live streams. The app is accessible in six languages and plans to expand its language offerings in the coming months to accommodate tier II and tier III audiences.
With over 37 million users and 120,000 creators, Eloelo aims to surpass 50 million users by the end of 2023. The company intends to utilize the newly secured funds to establish partnerships with creators, develop innovative tools, attract additional tech and product talent, and enhance its revenue generation efforts.
Eloelo operates in the competitive landscape of social gaming and live streaming, where it indirectly competes with platforms like Chingari, ShareChat, and Bolo Live, among others. The successful pre-Series B funding round has elevated Eloelo’s valuation to over $100 million post-money.
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