Bengaluru-based Playtoome, a startup that operates a live entertainment platform, has raised an undisclosed sum in a new funding round from SOSV. The stage of investment was not specified.
The company had last raised capital in August 2018 when it garnered $0.2 million in a seed round from a group of angel investors. The deal was facilitated by early stage investment platform and incubator Venture Catalysts. Earlier, the company raised a seed round from Newport Holdings, an angel investment firm started by Rangarajan Narayanan, co-founder of EXILANT Technologies.
Founded by S Keerthivasan in 2016, Playtoome enables consumers to connect with artistes and watch live performances on multiple devices. It also lets consumers chat and interact directly with performers in real-time.
“Playtoome was launched with a singular vision -- to transform the live entertainment space by connecting audiences with their favourite artists through technology and enabling more interactive and immersive live entertainment experiences,” Keerthivasan said in a statement.
Consumers can use a mobile phone, computer, tablet or smart television to enjoy live music, just like a concert. The startup is targeting 5 million unique users in the next three years. Its model involves enlisting music enthusiasts on its platform and based on their requests and preferences, delivering experience to them in an interactive manner.
Princeton, New Jersey headquartered SOSV uses what it calls an ‘accelerator VC’ model to invest in technology startups, with a particular focus on deep-tech startups. It operates a slew of global accelerator programmes such as HAX (Shenzhen and San Francisco) for hardware; IndieBio (San Francisco) and RebelBio (Cork, London) for life sciences. Last week, it marked the final close of its fourth successive fund, dubbed SOSV IV, at $277 million.