Venture Capital News: Xfire Gets Hot with $3M
SANTA MONICA, CA, Online community platform that transports gamers' social networks into thousands of PC games, secured an additional $3 million in funding.
Xfire, a feature-rich online community platform that transports gamers' social networks into thousands of PC games, secured an additional $3 million in funding to continue its expansion into Asian territories. Led by Singapore-based firm IDM Venture Capital, the latest influx of financing comes shortly after Xfire's recently announced partnership with CHINA YOUTH GOYOR TECHNOLOGY (BEIJING) CO., LTD., which is bringing the company's service to more than 400 million gamers in Asia. The investment from IDM Venture Capital, a venture capital firm investing in early- to mid-stage interactive digital media companies, is expected to be part of a larger funding round.
"Xfire's Asian expansion and product pipeline are a key focus for our firm, and indicate the company is poised for exponential growth," said Denis Gamobramov, managing partner, IDM Venture Capital. "Gamers yearn for the type of broad-based social connections, content creation and in-game experience that is only possible through Xfire."
Providing the tools for online gamers to take screenshots, record video, chat across multiple games and share content to social networks in one streamlined application, Xfire is a free utility. The new funding will aid the company in integrating Chinese character support to the application's in-game chat, helping millions of hardcore gamers in Asia improve their gaming experiences with native support for Xfire and its suite of tools.
"The funding from IDM Venture Capital will allow Xfire to continue to add new features and support as we adapt our services for the Asian markets," said Malcom CasSelle, CEO, Xfire. "This interim round of funding directly benefits our team in the U.S. and China as well as our strategic partnership with CHINA YOUTH GOYOR TECHNOLOGY (BEIJING) CO., LTD."
This latest round of funding brings Xfire's total amount raised to $7 million. The initial $4 million investment was led by Intel Capital in 2011.
Xfire connects more than six million hardcore gamers every month with a social gaming experience. More than 20 million gamers have downloaded the Xfire client, which supports more than 2,500 video games, and allows gamers to socially share video, pictures and conversations among friends or the entire Internet. Xfire has headquarters in Santa Monica, Calif. and Shanghai. For more information, please visit http://www.xfire.com.
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