Israeli gaming platform developer Overwolf has announced the completion of a $52.5 million Series C financing round co-led by Griffin Gaming partners and Insight Partners. Also participating in the financing round were gaming giant Ubisoft, Warner Music Group, Meg Whitman, Jibe Ventures, Kevin Chou, Intel Capital, Marker Fund and Liberty Media. The financing round was at a company valuation of $200 million and brings to $75 million the total amount raised by Overwolf.
Overwolf has built a platform that allows third party developers to create expansions and additions to PC games. These expansions can for example allow players to record the progress of their game, track their improvement trends or organize tournaments between players. Overwolf operates a store that allows purchase of these expansions for popular games like League of Legends, Fortnite and Counter Strike.
Overwolf was founded in 2010 by CEO Uri Marchand, full stack entrepreneur Gil Or and VP product Alon Rabinovitz. The company has 81 employees at its offices in the Ramat Gan Diamond Exchange district.
Overwolf has 30,000 creators who use its platform and more than 18 million active users each month. Marchand says that the company's revenue amounts to tens of millions of dollars annually and the number of monthly users and use of platform products has grown 300% due to the rising popularity of gaming over the past year.
Overwolf has also announced the launching its new CurseForge Core platform, which allows third party developers to enter the code of the game itself and add their own content. "Even the game developers understand the value of the community and the fact that the community can create very good content."
Published by Globes, Israel business news - en.globes.co.il - on March 16, 2021
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