The virtual stadium platform offering a 3D viewing experience for esports, Virtex, has raised $3.2 million in seed funding to invest in expanding its team. Global Founders Capital, All Iron, Graph Ventures, and several other angel investors participated in the round.
Virtex Stadium is built as a social virtual reality experience. People can enter a lobby, interact with other viewers before heading to the stadium, and grab a virtual seat to watch the event. The virtual stadium is being built to support hundreds of users at a time.
The company has also recently inked partnerships with Meta and Echo VR, aiming to expand the platform’s reach. The studio is looking to expand the development team to speed up the creation and development of the platform.
Virtex Chief, Tim Mcguinness, talked about his experience in the esports industry in various roles, such as a fan, a player, a team owner, being responsible for on-air talent and production, and more. All these experiences help him better understand the needs, wants, and expectations of the community. With the latest funding round, the company is well-positioned to capitalize on the growing billion-dollar industry by bringing a new, innovative platform to esports fans.
The company believes that the stadium experience will act as a transformative layer to other experiences that it will build in the future. It also aims to solve the monetization obstacle by eliminating barriers and empowering esports content to help the entire industry progress ahead.
Virtex will explore entirely new, innovative revenue streams with its platform. For instance, selling digital sports jerseys that actually appear on a user’s avatar while inside the stadium. The idea is to get such digital assets out with some usability instead of just being stuck inside a digital wallet.
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