Eloelo raises $22 million in pre-Series B round

Eloelo announced raising $22 million in its pre-Series B round. The round was jointly led by Courtside Ventures and Griffin Gaming Partners, joined by MIXI along with existing backers Waterbridge Ventures, Lumikai Fund, Kalaari Capital, Convivialite Ventures and Rocket Capital investing in the round.

With the funding, Eloelo has now raised a total of $37.5 million. The funds will be utilised 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. The round comes 14 months after its Series A round of $13 million in June 2022.

“Courtside is thrilled to co-lead the investment in Eloelo alongside Griffin Gaming Partners. Eloelo is pioneering a new form of entertainment in India. 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, Courtside Ventures, said.

The company’s primary distinguishing features include its ability to get users to simply push-t0-talk inside various chat rooms, in-house games integrated into live streams and its focus on clean entertainment for family audiences.

“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”, Nick Tuosto, managing director and co-founder, Griffin Gaming Partners, said.

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.