Cloud-based streaming platform StreamElements, one of the leading providers in content creation, streaming engagement and monetization tools, has raised $100 million in funding. It looks to accelerate development on new production, engagement, and monetization tools.
The company will use the funding from SoftBank Vision Fund Two, with additional new investments from PayPal Ventures, MoreTech, and existing investors such as State of Mind Ventures, Pitango First, and more to attract a new talent platform, which is in its fourth year of operation.
Through this growth phase, the company — which has offices in Los Angeles, Palo Alto and Tel Aviv, Israel — will be led by co-founder Gil Hirsch, who will serve as CEO, with Yuval Tal as COO and Doron Nir as president.
“Our goal is to be everywhere creators are, which means expanding to new platforms, such as using the new funds to build out our presence on Trovo,” said co-founder Gil Hirsch.
“It also means going beyond the live streaming space and bringing our proprietary audience experience-driven technology to YouTube videos where we are creating some industry firsts,” added Hirsch.
The platform was seeking funds to improve engagements
StreamElements initiated its most recent round of funding with plans to develop new tools for streaming and on-demand VOD platforms, expanding its reach and adding new talent to help further improve its platform. It comes after the platform experienced a 233 percent growth, with more than 1.1 million creators using its tools between March 2020 and January 2021.
The company was founded in 2017 by Nir, Hirsch, Or Perry and Reem Sherman to help content creators turn their passion into a profession. StreamElements last year unveiled a fund to assist Twitch creators from marginalized groups gain access to professional services to bolster their content creation.
StreamElements will still work to create a digital market that helps existing creators and fans ‘turn their passion into a profession.’ Right now, one of the company’s main goals is expanding beyond Twitch, YouTube, and Facebook Gaming, opening its various production tools and services to different types of creators, like those who broadcast on newer platforms like Trovo.
Another focus will be on the uploaded video space, with StreamElements wanting to provide more tools to creators who don’t necessarily stream to create their content and rather specifically work in an on-demand VOD format.