Loco raises $42 million in Series A funding round led by Hashed : Rashtra News
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All investors from the company’s seed round, including Krafton, Lumikai, and Hiro Capital, also participated in this round. Till date, Loco has raised around $50 million in equity financing including the current Series A round. The Mumbai-based start-up had earlier raised a seed round worth $9 million in June last year.
Game streaming platform Loco on Thursday announced that it has secured $42 million in a new round of funding led by Silicon Valley-based early-stage venture fund Hashed, along with participation from Makers Fund, Catamaran Ventures, and Korea Investment Partners.
All investors from the company’s seed round, including Krafton, Lumikai, and Hiro Capital, also participated in this round. Till date, Loco has raised around $50 million in equity financing including the current Series A round. The Mumbai-based start-up had earlier raised a seed round worth $9 million in June last year.
Founded in 2017 by Anirudh Pandita and Ashwin Suresh, the platform lets gamers stream their gameplay live to their fans. Loco focused mostly on the budding e-sports sector in India and had earlier hosted tournaments in partnership with global publishers like Krafton, Activision, Ubisoft, and Riot Games.
The start-up is also building in-game integrations with other international partners. Besides, it has teamed up with global giants like the NBA, Logitech, and Red Bull to run India-focused e-sports programmes.
With its new fundraise, Loco will continue investing in the development of the Indian gaming ecosystem. Loco claims its daily active viewers have scaled by 15 times, monthly active streamers by five times, and live watch hours by 78 times since January 2021.
Currently, users spend over one hour daily on Loco. The platform’s focus on mobile gaming communities helps it serve them in ways that desktop-focused platforms have not been able to. Loco also helps beginner streamers through various initiatives, including its one-click mobile streaming app, a dedicated discover tab, and a streamer programme.
“Users between the ages of 10 and 30 form the bedrock of gaming and e-sports communities worldwide and India is one of the most interesting global gaming markets, with 40% of its population belonging to this cohort. We believe this new investment round will enable Loco to solidify its dominant position in-game streaming and eventually provide the Indian gaming community with cutting edge Web3 products and services,” Ethan Kim, co-founder and partner, Hashed, said in a statement.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a www.financialexpress.com feed.)
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