Tel Aviv-based streaming startup StreamElements announced the closing of an $11.3 million Series A funding round led by Pitango Venture Capital and previous investors State of Mind Ventures, Rainfall VC, Samsung Next, alongside other investors.
StreamElements developed an end-to-end platform for live stream production, monetization, audience engagement and brand partnerships, which offers full production-technology and business solutions.
StreamElements says its user base has grown by more than 600 percent in 2018. The platform supports over 200,000 channels on streamer production platform Twitch and YouTube, reaching more than 15 million viewers who watch over 12 billion minutes each month, the company says.
The new funding round will be used to grow the company’s global brand partnership team. New developments also include the hiring of Scott Clark as SVP, Head of Brand Partnership. He most recently led North American sales and brand partnerships at video ad technology company Innovid.
Doron Nir, CEO of StreamElements, said in a statement: “Since our launch 18 months ago we proved that a full stack production and revenue generation platform is what live-streaming and e-sports really needs. This new funding round shows what people in our industry already know – this is the next frontier for online media. Its growing faster than anything we’ve seen, and the level of passion of the audience is unparalleled to anything else video entertainment has to offer.”
Or Perry, co-founder and chief streamer officer, added: “Live video content creators are some of the hardest working people in showbiz. They have massive audiences, huge followings, yet they make less than 20% of their true revenue potential. We are here to close this gap and help these talented creators materialize their full potential with our extraordinary level of service and the best production tools on the market.”
StreamElements was founded in 2017 by Perry, Nir, and Gil Hirsch, and has offices in Silicon Valley and Tel Aviv.