Xfire, the social gaming service, got $4 million in VC backing from Intel Capital. In conjunction with the financing, Xfire has also strengthened the executive team by adding Mark Donovan as President, Juston Brommel as Chief Marketing Officer and Autumn Radtke as Director of Business Development. Xfire was acquired by Titan Gaming from Viacom in August 2010. With this round of financing, Xfire has split from Titan Gaming to operate independently. Xfire is already backed by several prominent angel investors, including Tomorrow Ventures, Clearstone Venture Partners principals William Quigley and Jim Armstrong, PriceGrabber co-founder Kamran Pourzanjani, and MP3.com founder Michael Robertson.
Xfire Raises $4 Million Led by Intel Capital
LOS ANGELES, CA–(Marketwire – Oct 6, 2011) – Xfire (http://www.xfire.com), the world’s leading social service for gamers with more than 19 million users, announces today that they have received $4 million in funding led by Intel Capital and several prominent angel investors. In conjunction with the financing, Xfire has also strengthened the executive team by adding Mark Donovan as President, Juston Brommel as Chief Marketing Officer and Autumn Radtke as Director of Business Development. The new additions to the team and funding are the first of several major announcements expected this fall from the company. As part of this investment, Xfire has been split from Titan Gaming so both businesses can operate independently.
“Xfire is already the most advanced social service for gamers with group chat, group voice, and user generated content sharing tools like live game broadcasting. Think of Xfire as Facebook meets Skype for gamers,” says Mark Donovan, President of Xfire. “This round of capital is allowing us to make many enhancements starting with an entirely new look for the Xfire website and chat application. Intel Capital’s funding will help us take what is already the leader in the space to the next level by continuing to build the team and quickly iterating on our product.”
Xfire already supports hundreds of game publisher partners and over 19 million users. Xfire will continue to serve the core gaming market, including their already popular social app which enables players to chat and talk with friends from inside 2,300 PC games, share user-generated content, and discover new games in an engaging social context.
“We’re witnessing watersheds in gaming, including the rise of free-to-play online titles. Xfire is expanding with this trend by helping publishers and players connect with one-another through the Xfire social platform. Publishers want to turn players into evangelists for their games through social interaction and allowing them to share their gaming experiences with friends,” notes Donovan. “Our users have already created tens of millions of game videos, screenshots and live broadcasts which they’re sharing every minute on Xfire. Soon they will be able to useXfire to share them to other social networks and numerous top-tier websites. This is just the start of a strong product roadmap that we believe will drive adoption of our already popular services.”
Xfire is already backed by several prominent angel investors, including Tomorrow Ventures, Clearstone Venture Partners principals William Quigley and Jim Armstrong, PriceGrabber co-founder Kamran Pourzanjani, and MP3.com founder Michael Robertson.
Headquartered in Santa Monica, California, Xfire was acquired by Titan Gaming from Viacom in August 2010. With this round of financing, Xfirehas split from Titan Gaming to operate independently.
For More Information:
Follow Xfire Corporate Activities: http://business.xfire.com
Mark Donovan Bio (President): http://www.linkedin.com/in/markdono
Juston Brommel Bio (Chief Marketing Officer): http://www.linkedin.com/in/justonbrommel
Autumn Radtke Bio (Director Business Development): http://www.linkedin.com/pub/autumn-radtke/6/21/183
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$10 billion in over 1,140 companies in 51 countries. In that timeframe, 191 portfolio companies have gone public on various exchanges around the world and 268 were acquired or participated in a merger. In 2010, Intel Capital invested US$327 million in 119 investments with approximately 44 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
Xfire™ provides the ultimate social experience for gamers by allowing players to chat and talk with groups of friends directly in-game across more than 2,300 titles and on multiple chat services like Yahoo!, AIM and Google Chat. Xfire also allows players to capture and share in-game media like videos, screen shots and live game broadcasts. It works regardless of game type, server browser, or gaming service that a player is using. Xfire eliminates the hassles of running multiple programs like IRC, instant messengers, Skype, or in-game friend lists to keep track of when and where a gamer’s friends are playing. Over $40 million has been invested in Xfire’s technology and the company has over 19 million users. Xfire is headquartered in Santa Monica California. You can download the Xfire app from www.xfire.com.