Live social entertainment platform Eloelo raised USD 22 million in a pre-series B round led by Curtsied Ventures and Griffin Gaming Partners. The round also saw participation from Japanese-based MIXI, a mobile entertainment.
The startup stated in a press release that it will use the fresh funds to develop advanced AR filters, AI-based moderation, and analytics to enhance user engagement.
Commenting on the development, Eloelo founder and CEO Saurabh Pandey said, “The company will use the raised funds to welcome more creators and develop tools for them, as well as hire additional personnel for the tech and product teams.”
The startup claims to have approximately 37 million users and 120,000 creators. Regarding revenue generation, they mentioned that users have the option to show appreciation for their favorite stars by sending them gifts and rewards on the platform.
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