
IDM Venture Capital backs online gaming network
Singapore-based firm IDM Venture Capital has led a $3 million funding round for Xfire, an online social platform that for PC-based gamers. The funding will be used for Xfire’s expansion into Asian territories.
The company has now raised a total of $7 million. The initial $4 million investment was led by Intel Capital in 2011. Xfire also recently formed a partnership with China Youth Goyor Technology to tap the 400 million gamers in Asia.
Xfire is a free utility that offers a single platform for online gamers to share content - including screenshots, video segments and conversations - from multiple games. It has headquarters in Santa Monica and Shanghai.
"Xfire's Asian expansion and product pipeline are a key focus for our firm, and indicate the company is poised for exponential growth," Denis Gamobramov, general partner of IDM Venture Capital, said in a press release. "Gamers yearn for the type of broad-based social connections, content creation and in-game experience that is only possible through Xfire."
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