Digital Entertainment startup Rusk Media has raised more than $9.5 million in its follow-on Series A funding round, led by Seoul-based DAOL Investment and Audacity Ventures.
Existing investors – InfoEdge Ventures, Mistry Ventures and Survam Partners – also participated in the round. Rusk Media has secured a total of $12 million from investors to date.
Rusk Media is looking to expand its content with its OTT partners in India and globally. In addition, it also plans to build a UGC-led social gaming platform that will allow developers to create games through its IP assets. Adding current fundraising, Rusk Media has secured a total of $12 million from investors to date.
Founded in 2019 by Mayank Yadav, Rusk Media creates content for Gen Z and millennials. It runs two platforms – Good! and Playground, which together get more than 500 million monthly viewers, according to the startup.
Chihoon Hyun, Partner at DAOL Investment, said, “We believe in Russia’s competitiveness in creating IP across fiction, non-fiction and esports entertainment. We believe Rusk is well positioned to become an entertainment powerhouse with their plans for their IP and IP-based gaming platform.”
He added, “With the shift in digital native audience behaviour – entertainment has transformed into 30-second entertainment social videos, OTT shows, casual and AAA games.”
Recently, Rusk Media together with NODWIN presented IP gaming entertainment called Playground. The social media platform claims to have garnered more than $200 million in viewers and is likely to go international by January 2023.
The Rusk Media cap table includes Nazara Games, NODWIN and InfoEdge Ventures, among others. Its clientele includes Tinder, Vicks and Groww, among others.
In December 2021, Rusk Media announced that Nazar’s subsidiary NODWIN had acquired a 10% stake in the startup for an undisclosed amount. It had also previously received commitments of INR 2.01 crore from Nazara. It competes with Kuku FM, Spartan Poker and WinZO in the Indian digital entertainment sector.
According to the report, the country’s media and entertainment sector is expected to touch $55-70 billion by 2030 and grow at a CAGR of 17% by 2023.