Kakao Ventures said on March 20 it has joined a seed investment round worth $3.37 million in US cloud multi-streaming service provider Restream.
The venture capital arm of mobile giant Kakao is the only South Korean entity to join the investment round. Other investors included US early-stage venture capital firm Silverton Partners and US online payment system operator PayPal's early-stage investment arm.
The funding will be used to advance its service that connects content creators with live-streaming platforms, according to Restream.
Based in Austin, Texas, Restream was founded in November 2014. Its flagship service Restream.io allows users to simultaneously broadcast to over 30 live streaming platforms like Twitch, YouTube and under a paid service, Facebook Live.
“Restream is expected to help content creators improve work efficiency, amid their growing presence as tech giants and video firms are increasingly jumping into the race to take over the streaming platform (market),” Choi Dong-hyun, associate of Kakao Ventures’ investment team, said in a statement.
Kakao Ventures, devoted to early-stage startup investments, operates six funds with combined assets under management of 204.6 billion won ($180.81 million).
By Son Ji-hyoung (firstname.lastname@example.org)