Cloud gaming co Playcast raises $10m

Jerusalem Venture Partners and MK Capital of the US led the round.

Cloud gaming start-up Playcast Ltd. has raised $10 million in its second financing round led by Jerusalem Venture Partners (JVP) and MK Capital of the US. Current investors Xenia Venture Capital Ltd. (TASE:XENA) and C. Mer Industries Ltd. (TASE: CMER) also participated in the round.

Playcast will use the proceeds to expand its growing global video game streaming service, which provides high-quality video-game streaming channels to multi-system operators and telecommunication companies. The company launched its European service in November.

Playcast Media CEO Guy de Beer said, "The Playcast service combines the latest in cloud computing with top-tier content to provide a AAA experience over existing pay-TV and cable networks. The partnership with JVP and MK Capital… allows us to continue to grow throughout the world following the success we have experienced in Europe and Asia."

Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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