Caffeine closes $113M financing round

Field Level Media
07 Jul 2020, 05:40 GMT+10

Live-streaming platform Caffeine brought in $113 million in its recently concluded financing round and intends to invest the money in a variety of forms of entertainment, the company said.

The company's goal is to provide viewers with entertainment that isn't available on Twitch or YouTube. Since going online last November, Caffeine has registered 2 million viewers.

In a news release, Caffeine said it would use the investment funds "to fuel continued growth and rapid onboarding of the world's best entertainers."

Caffeine's rise has been fueled by rap and hip-hop virtual battles, tournaments and weekly shows. Earlier this year, the company partnered with Drake to bring the Ultimate Rap League (URL) to Caffeine.

"Caffeine connects entertainers with world-class technology so they can create content that is authentic and connects culture and community," said Caffeine founder and chief executive officer Ben Keighran. "We see this week over week during URL's live battles where tens of thousands of people are experiencing something live and new together."

The platform also streams some Fox Sports and entertainment content.

--Field Level Media

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