Rusk Media Raises $9.5m for Blockchain-Based UGC Gaming
Indian-based digital entertainment startup Rusk Media has pulled the sum of $9.5 million in a Series A extension funding round.
The startup revealed that the funding round enjoined participation from existing investors InfoEdge Ventures (IEV), Mistry Ventures, and Survam Partners participating in the round. The funding round was led by Seoul-based DAOL Investment and Audacity Ventures.
While not a traditional blockchain gaming startup, Rusk Media has plans to develop a user-generated content (UGC) social gaming platform using the new capital. Mega-firms like Roblox are currently popularizing the UGC gaming platform, and it has started gaining traction amongst children within the age group of 8–14-year-olds in the US and Southeast Asia.
With the Rusk Media proposed UGC social gaming platform, developers will be able to create games using freely available Rusk IP assets.
“With the behavioral shift of the digital native audiences – entertainment has transformed across 30-second snackable social videos, OTT shows, casual & AAA gaming. Our future plans are two-fold – firstly, scaling our content with OTT partners via our IPs in India and the rest of the world, with Playground leading the way for our expansion globally. Secondly, building a UGC-led social gaming platform that will enable game developers to create games and publish them on our platform using our game developer app that plans to leverage blockchain technology.”
Investors are particularly focused on the gaming aspect of blockchain technology as a way to onboard the next billion users in the long term. Rusk Media is tapping into a market currently dominated by the likes of Axie Infinity, The Sandbox, and Animoca Brands.
Rusk Media produces content streamed on social channels Alright! and Playground with over 500 million monthly views and shows on OTT Platforms. Drawing on its existing user base, Rusk Media hopes to make a hit on the market when it makes its grand entry into the space.
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