- Companies
- Caffeine
Caffeine Valuation, Funding & Investors
Caffeine is valued at $600M as of July 2020.
Last Caffeine valuation
$600M
Series D · Jul 2020
Last Caffeine funding round
$113M
Series D · Jul 2020
Cumulative funding Caffeine raised
$294M
across 4 funding rounds
Key investors in Caffeine
Andreessen Horowitz
Greylock
MaC Venture Capital
Employee Stock Option Fund
Cox Enterprises
Sanabil
About Caffeine
Caffeine is a live streaming platform hosting interactive broadcasts in gaming, sports, and entertainment. San Francisco-headquartered, it partners with FOX Sports, ESPN, Riot Games, and DreamHack for official streams, enabling creators to monetize shows via tipping and sponsorships on iOS and Android apps.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Advertising, Commission
Valuation
$600M (Jul 2020)
Caffeine Valuation
Caffeine is currently valued at $600M, based on its Series D in July 2020.
The $113M round was led by Cox Enterprises, Fox Corporation and Sanabil, with participation from Andreessen Horowitz, Employee Stock Option Fund and Greylock.
Caffeine valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2020 | Series D | $600M |
Caffeine Funding History
Caffeine has raised a total of $294M across 4 funding rounds.
Caffeine's first fundraising round was a $35M Series B in March 2017. The most recent completed round was a $113M Series D in July 2020.
Caffeine funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2020 | Series D | Cox Enterprises (lead); Fox Corporation (lead); Sanabil (lead); Andreessen Horowitz; Employee Stock Option Fund; Greylock | $113M | $600M | Caffeine is a Redwood City, California-based livestreaming platform offering low-latency interactive entertainment, including rap battles from Ultimate Rap League (URL) in partnership with Drake, Fox Sports content like college basketball, Bundesliga soccer, and Formula E, as well as esports from Fortnite World Cup and League of Legends. The platform launched publicly in late 2019, reaching 2 million registered users, with streams up to a minute faster than competitors and a zero-tolerance moderation system combining AI, human oversight, and community self-regulation. Viewers monetize streams via in-app purchases called 'Props,' with proceeds shared between streamers and Caffeine; content remains ad-free and free to watch. In July 2020, Caffeine raised $113 million in a Series D round co-led by Cox Enterprises, Fox Corporation, and Sanabil Investments, with participation from Andreessen Horowitz and Greylock Partners, bringing total funding to $259 million. The round valued the company at more than $600 million, per company officials to Bloomberg. Funds were earmarked for service expansion, growth acceleration, onboarding more entertainers, and enhancing content across music, entertainment, sports, and gaming. Prior funding included $46 million across earlier rounds from Andreessen Horowitz and Greylock, plus a $100 million investment from 21st Century Fox in 2018 before its Disney acquisition. The 2020 round capitalized on rising demand for live streamed events amid the COVID-19 pandemic, which canceled in-person gatherings like music festivals. Caffeine positioned itself against Twitch by focusing on real-time engagement and innovative monetization through virtual goods rather than ads, with revenues reportedly rising though not profitable at the time. |
| Sep 2018 | Strategic investment | 21st Century Fox (lead); Andreessen Horowitz; Greylock | $100M | - | Caffeine is a US-based livestreaming platform founded in 2016 by former Apple engineers Ben Keighran and Sam Roberts, offering low-latency interactive entertainment including esports, gaming, sports, and live events. It competes with Twitch and YouTube Gaming by providing real-time streaming up to a minute faster than rivals and features like in-app purchases called Props for viewer donations shared with streamers. Prior to the 2018 round, Caffeine had raised $46 million from investors including Andreessen Horowitz and Greylock Partners. In September 2018, 21st Century Fox led a funding round with a combined $100 million investment into Caffeine and a new joint venture called Caffeine Studios, owned by FOX Sports and Caffeine, focused on creating exclusive esports, video gaming, sports, and entertainment content. Andreessen Horowitz, Greylock Partners, and other undisclosed investors also participated, bringing total funding to around $146 million at that point. The investment underscored Caffeine's expansion beyond gaming into broader live content, with partnerships like Live Nation for Q4 2018 music concerts and Ultimate Rap League for rap battles. Lachlan Murdoch, 21st Century Fox's Executive Chairman, joined Caffeine's board, and the stakes in Caffeine and Caffeine Studios were set to transfer to the new 'Fox' entity post-Disney acquisition. Caffeine later raised a $113 million Series D in 2020 co-led by Cox Enterprises and Fox Corporation, with participation from Andreessen Horowitz and Greylock, at a valuation over $600 million, boosting total funding to $259 million for platform expansion and more entertainers. |
| Jan 2018 | Series C | Andreessen Horowitz (lead); Greylock (lead) | $46M | - | Caffeine is a live broadcasting platform founded in 2016 by former Apple engineers Ben Keighran and Sam Roberts, focusing on interactive entertainment including esports, video games, sports, and live content with low-latency streaming to enable real-time engagement. The platform competes with Twitch and YouTube Gaming by offering seamless experiences without built-in delays and features like targeted conversations for streamers' social circles. In January 2018, Caffeine raised a $46 million Series C round co-led by Andreessen Horowitz and Greylock Partners. Months later in September 2018, it secured a $100 million corporate investment from 21st Century Fox, leading to the formation of Caffeine Studios, a joint venture for exclusive content creation leveraging Fox Sports' expertise. The 2018 funding brought Caffeine's total raised to around $146 million before later rounds. Caffeine aimed to expand beyond gaming into broader content categories with media partnerships. The company launched out of beta in November 2019 and grew to 2 million registered users by mid-2020. In July 2020, Caffeine raised a $113 million Series D co-led by Cox Enterprises, Fox Corporation, and Sanabil Investments, with participation from Andreessen Horowitz and Greylock, valuing the company at over $600 million and bringing total funding to $259 million. Funds supported growth, entertainer onboarding, and differentiation through real-time interactive programming. Partners included Ultimate Rap League for rap battles and Fox Sports for events like college basketball and Bundesliga football, with revenue from in-app purchases called Props shared with streamers. |
| Mar 2017 | Series B | Thirty Five Ventures; MaC Venture Capital | $35M | - | Caffeine is a live streaming platform founded in 2016 by former Apple engineers Ben Keighran and Sam Roberts, focusing initially on video game streaming with a seamless, real-time experience to compete with Twitch and YouTube Gaming. The company raised $35 million in a round dated March 2, 2017, from MaC Venture Capital and Thirty Five Ventures, labeled as Series C in one source, though other records show subsequent Series C in 2018. Caffeine has cumulatively raised $259 million over multiple rounds from 9 investors, including Greylock Partners across several rounds. Later funding included a $46 million Series C in January 2018, a $100 million corporate round in September 2018 led by 21st Century Fox with Greylock and Andreessen Horowitz, and a Series D for $113 million in July 2020 at a post-money valuation of $600 million. The platform expanded beyond gaming into esports, sports, and live entertainment, partnering with Fox on Caffeine Studios. |
Who has invested in Caffeine?
9 investors have backed Caffeine across its funding rounds, including Andreessen Horowitz, Greylock, MaC Venture Capital, Employee Stock Option Fund, Cox Enterprises and Sanabil.
Lead investors include Cox Enterprises, Fox Corporation, Sanabil, 21st Century Fox, Andreessen Horowitz and 1 other investor.
Caffeine Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jan 2018 | ||
| 3 | Lead | Jan 2018 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Lead | Sep 2018 | ||
| 1 | Lead | Jul 2020 | ||
| 1 | Participant | Jul 2020 | ||
This data is available for Pro users. Sign up to see all 9 Caffeine investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCaffeine Competitors
Caffeine competitors include listed companies like Saregama India and Cover, and private ones like Rilla, BandLab, Inkitt and Pocket FM.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $40M | - | $737M | 18.4x | ||
| Private | - | - | $425M | - | ||
| Private | $38M | - | $400M | 10.5x | ||
| Private | $150M | - | $750M | 5.0x | ||
| Publicly listed | $100M | $36M | $979M | 8.6x | ||
| Publicly listed | $317M | $34M | $677M | 1.9x |
Caffeine Public Comps
Caffeine is still privately-owned, but its public comps include TV Tokyo Holdings, YG Entertainment, Viaplay, CJ ENM, Acast, NRJ Group, NetDragon Websoft, H & R Century Union, Tron and Cover.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $104M | 0.3x | 0.3x | 3.2x | 3.4x | |||
| $397M | $73M | 1.3x | 1.2x | 7.1x | 7.4x | |||
| $1.8B | ($40M) | 0.7x | 0.6x | (29.5x) | 11.7x | |||
| $3.7B | $1.1B | 0.6x | 0.7x | 2.2x | 2.6x | |||
| $257M | ($1M) | 2.3x | 1.9x | (481.8x) | 25.7x | |||
| $390M | $74M | 0.3x | 0.3x | 1.6x | 1.7x | |||
| $667M | $106M | 0.9x | 1.0x | 5.8x | 4.1x | |||
| $79M | ($28M) | 8.0x | - | (22.6x) | - | |||
This data is available for Pro users. Sign up to see all Caffeine competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Caffeine
| When was Caffeine founded? | Caffeine was founded in 2016. |
| Where is Caffeine headquartered? | Caffeine is headquartered in San Francisco, CA, United States. |
| Is Caffeine publicly listed? | No, Caffeine is a private, VC-backed company. |
| What is Caffeine's valuation? | Caffeine was last valued at $600M in its Series D in July 2020. |
| How much funding has Caffeine raised? | Caffeine has raised $294M across 4 funding rounds. |
| What was Caffeine's last funding round? | Caffeine's last funding round was a $113M Series D in July 2020, led by Cox Enterprises, Fox Corporation and Sanabil. |
| Who are Caffeine's investors? | Caffeine's investors include Andreessen Horowitz, Greylock, Thirty Five Ventures, MaC Venture Capital, 21st Century Fox, Cox Enterprises, Employee Stock Option Fund, Sanabil and Fox Corporation. |
| Which companies are comparable to Caffeine? | Companies comparable to Caffeine include Rilla, BandLab, Inkitt, Pocket FM, Saregama India and Cover. |
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