Entering China, VR Concert Wave completes $30 million in Series B financing
Virtual concert startup Wave has completed a $30 million Series B funding led by Maveron, and participating investors include Griffin Gaming Partners, NTT DOCOMO Ventures, Avex, Superfly Ventures, Convivalite Ventures and Raised in Space, and Scooter Braun, Alex Rodriguez, Superfly co-founder Rick Farman and Twitch co-founder Kevin Lin.
The company will use this investment to invest in entertainment beyond concerts, including games and socializing. Wave has raised $40 million to date, and existing investors include RRE Ventures and Upfront Ventures.
It has raised $40 million, and existing investors include RRE Ventures and Upfront Ventures.
Adam Arrigo, co-founder and CEO of Wave, said: "It is an honor to be supported by well-known investors such as Maveron and Griffin Gaming Partners, who have been providing financial support for breakthrough consumer businesses. Several new strategic cooperations The additional support provided by the partners shows that the entertainment industry is looking for new interactive ways to connect with today’s digital generation."
Wave is headquartered in Los Angeles, USA, and was created by a group of music and technology practitioners who want to move live events to the digital world. This company collaborates with record companies, brokerage companies and independent artists to hold virtual concerts featuring virtual avatars. The team recently announced a series of virtual shows called "One Wave", hosted by John Legends and Tanash Georgeson.
Co-artists including A sister Ariana Grande and Justin Bieber's Scooter Braun said: "I want to work with the most forward-looking leaders in music and technology today. The future of this industry depends on them. Adam ( Adam Arrigo) and the Wave team are connecting these two very important industries and adopting a refreshing artist-first approach to create a transformative experience for the next generation of concert audiences."
Virtual concerts are becoming more and more popular, especially when the live festivals and performances of the New Crown Outbreak have to be cancelled. Epic Games, the developer of Fortress Night, has always been a key driver of the stated trend. They held a digital concert with famous DJ Marshmello in 2019 and attracted more than 10 million people. In April of this year, rapper Travis Scott's performance in "Fortress Night" became the headline of everyone's attention.
Wave, planning to enter China and Japan, held its latest episode on June 5th, featuring the virtual avatar of singer Tanash.