The WaveVR closes $6 million Series A round led by RRE Ventures and includes strategic investors from General Assembly and OK GO.
The WaveVR today announced it has closed a $6 million Series A funding round led by RRE Ventures. The round also includes top venture capital firms such as Upfront Ventures, KPCB, Greycroft VR Gaming Tracker Fund, The VR Fund, and more, with participation from strategic investors including Andy Ross from OK Go; Alex Chung, co-founder and CEO of Giphy; and Matt Brimer, co-founder of General Assembly and Daybreaker. Alice Lloyd George, investor at RRE, joins the company’s board.
With this latest infusion of capital, the company’s total funding comes to $10 million, which will allow them to expand theapp’s community tools and port to additional platforms. TheWaveVR today also opens a new Los Angeles office, where they are collaborating with top artists and musicians on a number of high profile VR concerts this year.
To secure the funds for this round, TheWaveVR team used the company’s content creation tool, ‘Wave Builder’, to create a fully interactive VR pitch deck to pitch VC’s within the TheWaveVR platform. TheWaveVR and RRE also signed the Series A term sheet in VR, which you can see in the video found here.
“When Adam and his team pitched us in VR, from within TheWaveVR itself, we saw that the possibilities could go far beyond music,” said Alice Lloyd George, principal at RRE Ventures. “It’s the most creative experience in VR today and is continually evolving. TheWaveVR is a brilliant venue for concerts, but also much more. We're already seeing users explore it for other experiences, from digital art to narrative storytelling to business meetings. We're excited about the product roadmap and their future launch onto other platforms, and thrilled to work alongside this incredible team for their next chapter.”
The funding round follows a successful collaboration with Warner Bros. that brought to life the dance club scene from Steven Spielberg’s new action adventure “Ready Player One”, in theatres now. Through TheWaveVR app - available on Steam in the U.S. - anyone can immerse themselves in the dance party scene with specially designed avatars, iconic 80s visuals and music, and experience the ability to fly in VR.
“The VR ecosystem is approaching a tipping point with the release of ‘Ready Player One’. With hardware prices coming down, stand-alone headsets like Oculus Go and Vive Focus on the horizon, and developers discovering best use cases, VR is on a sure path to become mainstream,” said Adam Arrigo, TheWaveVR CEO and co-founder. “We spent last year nailing down the format for these fully interactive concerts and proved people love our experience; this year we’re focused on how that content gets created and shared.”