“It makes me proud and motivated to have these investors join our journey, but most of all I’m excited for everyone who uses Overwolf for building and sharing apps and mods,” Uri Marchand, CEO and co founder of Overwolf, wrote in a blog post. “I know that these in-game creators will end up getting a product and a service they will love even more, built by a company backed by people who care about the future of gaming and the creators that are pioneering its growth through UGC [user-generated content].”
The financing was led by Griffin Gaming Partners and Insight Partners. Other investors who participated in the latest round of support for Overwolf included big names such as Ubisoft and Warner Music Group, alongside others like Intel Capital and Liberty Technology Venture Capital. To date, Overwolf has garnered over $74 million in support of its startup business.
Building the PC App Store With User-Generated Content
Overwolf, launched in 2011, targets the value in UGC by endowing aspiring app developers with tools needed to enhance the gaming experience for both themselves and other gamers. The startup business offers several comprehensive application programming interfaces (APIs) capable of things like real-time stat tracking, desktop overlays, and automatic app updates.
In addition to providing tools to build gaming apps, the startup company hosts an app store where users can distribute their products. The Overwolf store offers a number of apps for popular games, such as League of Legends, Valorant, and Apex Legends. While the service provided by the startup business currently supports in-game apps, the company acquired mod development platform CurseForge from Twitch last year in order to extend its offerings to mod developers.
Investing in the Gaming Community
Market research projects the global games market to surpass $200 billion by the end of 2023. Overwolf’s startup business seeks to harness the strength of ambitious creators in the industry and monetize UGC by supporting app developers.
“I’m proud to say that in 2020 we paid out $10 million to in-game creators, with top creators bringing in more than $100,000 a month,” Marchand writes on the company blog. “While the numbers are impressive, I remind myself everyday that behind every number is a creator who deserves to be recognized for his or her contributions to the industry.”
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.