London-based Live Tech Games, a company that provides a live mobile entertainment experience, announced that it has raised £2.5M (approx €2.93M) in a fresh round of funding. The funds were injected by ITV via the Studio 55 Ventures arm for a minority stake.
The ITV team selected Live Tech Games as part of its wider strategy to enhance ITV’s reach amongst 16-34 year olds.
About Studio 55 Ventures
ITV set up Studio 55 Ventures in 2020 to work with entrepreneurs to build and scale a business within the organisation, taking advantage of ITV’s business experience, backing, and support as the businesses take off.
Studio 55 Ventures is looking for a media landscape gamechanger. These could be in the form of streaming platforms, eSport apps or even the next TikTok. “We want to hear about your innovation and why 16-34-year-old’s need it in their lives,” says the company on its website.
Live mobile entertainment experience
Founded in 2019 by Nathan Moore and Samuel Worsley, Live Tech Games aims to fill the gap in the mobile gaming industry for live, light hearted games; competitive but inclusive; commitment free and with the capacity for high reward.
The founders of Live Tech Games are two creative entrepreneurs who met while working at Microsoft. At Microsoft, they both gained experience in managing tech development teams and software, which they incorporated into their creation of Live Tech Games, a platform that provides B2B and B2C live entertainment experiences.
The first game released on the Live Tech Games platform, Roshambo Live has recently completed an open beta. Now hosting a weekly digital tournament of Rock Paper Scissors, with thousands of players vying for the winning prize, varying from cash to experience every game.
In the last 12 months of play, Roshambo Live has given away over £60,000 worth of prizes to winners.
Speaking on the development, Samuel Worsley, co-founder of Live Tech Games, says, “Following an incredibly successful pilot with ITV at the start of the year, we already have huge plans for new games, but we’re keeping them quiet for now – all utilising our unique Live Tech Games platform and live gaming engine that we’ve spent the past 18 months perfecting. Our pledge to our players is as always: super simple, adrenaline-filled tournament games, to win exciting prizes, that everyone can play, and anyone can win!”
How will ITV’s role be beneficial to Live Tech Games?
With Live Tech Games, ITV has identified a startup in the burgeoning games sector as a worthwhile investment. And with this development, Live Tech Games will work with ITV and the UK audience by leveraging ITV’s recognised IP to create new, exciting forms of entertainment direct to consumers’ mobile devices.
Speaking on the development, Rufus Radcliffe, MD ITV On Demand, says, “We are delighted to announce our investment into Live Tech Games this month. Studio 55 Ventures has sought out new business ideas which bring something fresh and unique to the media and entertainment worlds. Samuel and Nathan perfectly encapsulate what we were looking for: innovative, creative and dedicated to their vision. We believe our investment will allow them to flourish and enable Live Tech Games to work alongside ITV in expanding the reach of our internationally recognised programmes and brands.”
Earlier this year, Live Tech Games successfully ran a pilot with ITV, working with the This Morning team, to keep viewers connected even after the programme had ended as thousands of players downloaded Roshambo Live, to play the exclusive This Morning game.
Capital utilisation
With the raised capital, the company is looking to expand its team to keep up with public demand. And hence, the company is looking for talents including senior producer, lead artist, game designer, senior game developer, game developer and QA & test lead.
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