Video sharing social network platform Medal.tv which makes short video clips from the gaming industry has pouched a $9 million fresh financing led by Horizons Ventures. The round saw participation from existing investors Makers Fund, Backed.vc, and Social Starts. It had earlier raked up a $20 million capital from investors.
The company helps users upload short clips of video game footage, starting from a default of 15 seconds and up to 60 seconds range. It also allows them to share the same with the other users from the platform. Launched in February, the firm already has 5 million total users. The freshly raised funds will help them in hiring and develop business-facing operations. It will also help them grow their user base.
Pim de Witte, the CEO of the company talking about the firm through a statement said, “At Medal, we believe the next big social platform will emerge in gaming, perhaps built on top of short-form content, partially as a result of gaming publishers trying to build their own isolated gaming stores and systems. That drives social fragmentation in the market and brings out the need for platforms such as Medal and Discord, which unite gamers across games and platforms in a meaningful way.”
Horizons Ventures' one of the angel investors, Jonathan Tam commenting on the funding in Medal.tv said, “We’re seeing sharing of short-form video emerge as a means of self-expression and entertainment for the current generation. We believe Medal’s platform will be a foundation for interactive social experiences beyond what you can find in a game."
Former head of Google Play games in Europe and an angel investor in Medal.tv, says that “Friends are the main driver of game discovery, and game developers benefit from shareable games as a result. Medal.tv is trying to enable that without the complexity of streaming."