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Virtex developer Virtex closed $3.2 million in seed funding

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Virtex is expanding its team thanks to $3.2 million raised in a round of seed funding. The company is a VR-focused developer of virtual stadiums, with a focus on esports. Supporters of the funding round include Global Founders Capital, All Iron, Graph Ventures and a number of other angel investors.

The Virtex Stadium is a social virtual reality experience. People can join a lobby and hang out to chat with dozens of others. Or they can go straight to the actual stadium to get a seat to watch an event. The stadium itself will be able to support hundreds of users simultaneously.

The closing of the financing round coincides with a collaboration with Meta and Echo VR. The money and partnership will hopefully work to increase the reach of the platform. The studio also hopes to grow the development team alongside the platform.

“I’ve been part of the esports industry for most of the past decade and during this time I’ve worn a lot of hats, from fan to player, team owner to on-air talent and production,” said Virtex boss Tim McGuinness. “My closeness to and passion for the growing industry of more than 500 million fans has given me a deep understanding of what those passionate about esports are looking for in their community. With this funding and our continued growth, I am confident that the value of this multi-billion dollar industry will continue to grow, at all levels of the ecosystem, as fans and players alike will have new platforms to connect and grow.”

Virtex sees the stadium experience as a transformative layer on which others will hopefully build in the future. It hopes to solve the monetization obstacle by prioritizing advancing the entire industry by breaking down barriers and enabling esports content.

By creating a new, free and immersive audience channel, it hopes to offer entirely new revenue streams as options. For example, it wants to offer digital sports shirts that actually appear on a player’s avatar while in the stadium. Surely it makes more sense to rock a sweater than an item sitting in a digital wallet.

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Shreya Christinahttps://businesstraverse.com
Shreya has been with businesstraverse.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesstraverse.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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