Genvid Technologies parent company Genvid Holdings has closed a Series C funding round equal to $113 million.
Founded in 2016, the New York-based tech firm has now raised $166 million and will use the capital to establish Genvid Entertainment, a new publishing subsidiary dedicated to producing massive interactive live events (MILEs).
The round of funding was led by existing investors Valor Equity Partners and Atreides Management while new investors Third Point Ventures, Cobalt Capital, LightShed Ventures, XN and Lux Capital participated also.
Additionally, former Netflix vice president of original content Cindy Holland has joined Genvid in an advisory role, assisting with content strategy and acquisition.
Dramatic growth
“The success of Rival Peak has accelerated our plans and growth dramatically, with dozens of major IP holders, streaming and social media platforms, and other global brands seeking to create MILEs around their properties,” said Genvid CEO and co-founder Jacob Navok.
“They recognise the opportunity to build new entertainment experiences that merge lean-back entertainment (TV and livestreaming) with interactive entertainment (games) to both grow fan bases substantially and further monetize existing fans. We’re excited to announce partners and IP licenses in the coming months.”
Valor Equity Partners CIO Antonio Gracias added: “Genvid has pioneered a groundbreaking media format with massive potential, combining premium streaming entertainment and multiplayer online gaming in an unprecedented way,”
The company has also released an early concept trailer for its next event, codenamed Raven. This looks to follow on from its Rival Peak MILE, an interactive reality show with game elements that launched earlier this year.
Genvid originally raised $27 million to help fund its new game streaming engine.
In more recent funding news, Resolution Games secured $25 million as the developer looks to expand its IP.
