US-based real-time social network developer YouNow raised $15m today in a series C round featuring Comcast Ventures, cable service Comcast’s corporate venturing unit.
The round was co-led by venture capital firm Venrock, which previously led YouNow’s $7m series B round in August 2014, and private investor Oren Zeev. Another VC firm, Union Square Ventures, led the company’s $4m series A round the previous year.
YouNow has built a mobile-focused livestreaming entertainment platform where people can broadcast content to followers in their network. Those followers can in turn choose to buy virtual goods on the app, with a share of the revenue going to the broadcasters.
The company claims to host 100 million user sessions each month and broadcast more than 50,000 hours of new video content each day.
Sam Landman, Comcast Ventures’ managing director, said: “YouNow has struck a chord with young audiences who crave and are increasingly willing to pay for real-time video-based interactivity.
“YouNow’s virtual goods economy is enabling the most dedicated creators to build rewarding careers on the social network, based entirely on their talents. We are excited to support the team and their vision.”