Game streaming platform Loco has sold a majority stake to Redwood, a technology-focused investment company based in the UAE, for $65 million as the startup looks to expand into international markets.
The company has stated that the transaction involves a mix of primary and secondary investment and will provide a full exit for Loco’s existing investors.
Moneycontrol reports that prior to the current stake offload, Loco had raised around $51m in total from investors such as South Korean gaming giant Krafton, crypto venture capital firm Hashed, Catamaran Ventures, Makers Fund, Lumikai, Korea Investment Partners and Hiro Capital. After the earlier fund raise, Loco founders Anirudh Pandita and Ashwin Suresh owned 15 percent of the company.
The latest investment round will enable Loco to enter multiple new markets within the next 12 months. Pandita told Moneycontrol they are aiming to launch in the first global market in the next quarter, followed by an expansion to 4-5 markets in the subsequent months.
“Gaming is an integral part of the cultural zeitgeist globally, and we look forward to building a platform that is at the heart of this global movement. Live streaming enables authentic connection in a way that other mediums can’t match, and we want to put the fan at the center of this experience,” Pandita and Suresh said in a joint statement.
Loco stated that it will soon announce new partnerships with major gaming companies, esports athletes, and streamers without disclosing any specific details.
