Gaming Software Startup Overwolf Raises $16 Million

Overwolf Ltd. announced on Wednesday it has raised $16 million in a funding round led by Intel Capital Corp. Overwolf develops a platform that enables third-party developers to create modifications to existing PC games, which are then available through Overwolf's app store.

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Liberty Technology Venture Capital, a subsidiary of Liberty Media Corp., and other investors also participated in the round.

In addition to giving an outlet for third-party game developers, Overwolf supplies a social media overlay for online games. 10 million active gamers use its platform, the company said.

Founded in 2009 and based in Tel Aviv, Overwolf raised $5.3 million in previous rounds, The company employs 50 people, according to Pitchbook data.

Uri Marchand, Overwolf’s CEO, said the company will use the funds to further develop the company’s developer ecosystem.

In August, the company announced it partnered with Intel on a joint $7 million fund for apps, and overlays for games.