The popular social VR platform, VRChat, has secured a Series D funding round of $80 million, which is close to five times its overall lifetime investment received until this point.
The round was led by Anthos Capital, along with Makers Fund, GFR Fund, and others. This round brings VRChat’s overall outside investment to $95.2 million.
VRChat is a free application that enables VR and non-VR users to interact in user-generated spaces that can range from boring at times to exceedingly interesting. The PC and SteamVR-compatible app went viral back in 2018 and experienced another growth spurt when it added support for Oculus Quest in late 2020. The platform had gained a record-setting number of concurrent users which now stands at over 40,000.
The company stated that the investment would help “expedite development of a creator economy where members can earn, an enhanced social discovery system for more meaningful experiences, and expansion to more platforms. These enhancements will contribute to VRChat’s rapid growth and allow more people to access this virtual universe.”
Last year, another social VR app Rec Room opened its doors to the digital economy by encouraging creators to develop stuff on their platform in exchange for financial rewards. The Rec Room platform offers premium experiences, avatar accessories, and in-game gadgets. They had also raised a substantial amount of funding as the latest round garnered a $100 million Series D and a $1.25 billion valuation.
Nevertheless, Rec Room and VRChat now stand amongst the most valuable VR companies keeping the platform holders Facebook, Valve, and HTC aside.
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