VR Live Streaming Platform NextVR Raises $30.5M Series A

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NextVR, a startup that promises to give consumers rich VR experiences for live events has raised a $30.5 million Series A led by Formation 8 the WSJ reports.

Notably the raise was also participated in by Comcast Ventures and Time Warner Investments, suggesting that NextVR’s proposition of allowing couch surfers a stadium experience for sporting events and concerts is garnering attention from the major corporate TV powers-that-be.

“This first-class group of investors is a major validation of our virtual reality technology platform,” said Brad Allen, the Executive Chairman of NextVR, in a statement. “We are focused on delivering a great virtual reality experience and the key is great content. These investments reflect the relationships we are building to provide marquee content.”

Investors for the round also included a variety of players in live sporting and entertainment events, including Peter Gruber, a co-owner of the Golden State Warriors, Los Angeles Dodgers and Los Angeles FC; RSE Ventures, a firm that specializes in sports and entertainment investments; dick clark productions and The Madison Square Garden Company.

This marks the six-year-old VR company’s first round with participation from institutional investors. The company secured $5 million in venture funding last year.