Loco raised $42 million in Series A led by South Korea’s early-stage venture fund, Hashed where new investors including Makers Fund, outsourcing billionaire Narayana Murthy’s Catamaran Ventures, and Korea Investment Partners with existing investors such as Krafton Inc., Lumikai Ltd. and Hiro Capital also participated.
Loco is an app for a live trivia game show. According to two people familiar with the deal who did not want to be identified, the capital infusion will raise the two-year-old startup's valuation to around $200 million. The funds will be used to accelerate the development of streaming technologies, content creation, and the gamer and creator ecosystem. Live-streamed games are still relatively new in India, in contrast to countries such as the United States, South Korea, and Japan, where they are a popular form of entertainment. Indian users primarily use mobile devices to play and watch live streams, whereas console and PC gaming are popular in mature gaming markets.