Xfire, a social network for gamers, has raised $3 million in funding.
The company connects gamers together to share videos, screenshots, and gaming prowess. Gamers can post about the games they’re playing and the achievements they’ve received. Members can also watch live streams of game play, so you can decide if a game is worth picking up.
IDM Venture Capital led the round, which will be used to expand the company into Asian gaming markets. The full press release is below.
Xfire Secures $3 Million in New Funding to Expand in Asia
SANTA MONICA, Calif. and SHANGHAI – May 21, 2012 – 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.