Social gaming and live streaming platform Eloelo has raised $22 million in a pre-Series B round. The round was co-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 round comes 14 months after its $13 million Series A round in June 2022.
As per Entrackr’s sources, it has been valued at over $100 million post money.
Eloelo will use the funding to forge partnerships with creators, develop innovative tools, attract more tech and product talent, and strengthen revenue generation initiatives, the company said in a statement.
Founded by Saurabh Pandey and Akshay Dubey, Eloelo brings native activities like tambola, antakshari and musical chairs in live formats with creators hosting games for their community of fans. The company claims that it has more than 50 live games and entertainment categories, and over 1,000 live streams being done every day.
The app is available in six languages and aims to add more in the next few months, seeing the adoption from tier II and tier III audiences.
The platform claims to have over 37 million users and 120,000 creators. Eloelo recently said that it will cross 50 million users by the end of 2023.
Eloelo directly or indirectly competes with Chingari, ShareChat, and Bolo Live, among others.