Allstar announced that it had raised $3.85 million in a seed funding round. Allstar offers a service that allows gamers to capture videos of their gameplays and share them on social media.
The New York-based technology startup said it would use the money to scale up its team and partnerships, expand its current product offerings, and increase the number of supported games on its platform.
Allstar currently works with only Counter-Strike: Global Offensive and Dota 2. However, the company said it would soon be supporting League of Legends, Fortnite, Rainbow Six, and Valorant.
The seed financing round was led by the New York Angels and participated by venture capital firms and investors such as the J-Ventures, Studio VC, Emerging Ventures, Harvard Business School Alumni Angels of Greater New York, Gaingels, Miami Angels, and Sand Hill Angels. Several individual investors from various sectors of the games industry, such as Twitch, Riot Games, and Zynga, contributed as well.
“Being a former creator myself, I know firsthand just how hard it is to make great content, let alone break out and be recognized for it, “Cuomo commented. “With this new funding, we’ll be able to accelerate our product development and go-to-market plans, giving all gamers free access to powerful technology that makes beautiful, high-impact gaming content easy to make, simple to share, and lots of fun to watch.”
Allstar was founded in 2019 by Nick Cuomo and Gavin Silver. Cuomo acts as the CEO, while Silver serves as the CTO of the company. The duo established Allstar with the aim that will “enables everyday gamers to easily capture and share high-quality snackable highlights with a growing network of supportive users.”
Cuomo, a former creator, knows how challenging it is to produce great content and be recognized for it. The company will now invest the money to give all gamers the rights to use the technology that simplifies making, sharing, and watching content.
This is Allstar’s second funding event. Previously in December 2019, the company raised $425,000 from investors, including Mark Cuban. Cuban owns the basketball team Dallas Maverick, the NBA 2K League franchise Mavs Gaming and has investments in Unikrn, an esports betting company. Both fundraising rounds have netted Allstar over $4.2 million.
Allstar also revealed that it has brought in Cindy Cook to join its board of directors. Before joining Allstar, Cook worked at Vivendi Games as the chief strategy and marketing officer.
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