Loco plans to use the funds to support the local gaming ecosystem. Here are the top-line bullets you need to know.
Loco, a video game streaming service, has raised $42M in a Series A that drew participation from Catamaran Ventures, Hashed, and Hiro Capital, among others.
HOW’S THE COMPANY PERFORMING?
- India-based Loco allows users to watch game videos from Call of Duty Mobile, FreeFire, and Clash of Clans, among other games, and it hosts e-sports teams like 8bit, Global Esports, 7Sea esports, and Skylightz Gaming.
- Since January 2021, the company’s total active user and monthly active user bases have experienced 15x and 5x growth, respectively.
- The company has hosted tournaments with global partners like Activision, Ubisoft, Riot Games, and Krafton.
Source: Loco
WHY DOES THE MARKET MATTER?
- The global e-sports and game streaming industry was valued at $2.1B in 2021, and it is expected to reach a value of $3.5B by 2025, according to Juniper Research.
- The increasing adoption of competitive video games and the professionalization of the space have contributed to market growth.
- The advent of Web 3.0 technologies, like NFTs, and an increased focus on the metaverse are key market drivers as well.
