NextVR looks towards Asian markets with $80M Series B raise

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Virtual reality broadcasting startup NextVR has closed an $80 million Series B round of funding, WSJ reports. With this latest splash of cash, NextVR is looking to expand beyond US markets and tackle Asian markets where demand for virtual reality content is growing.

Last month, regulatory filings in China revealed that NextVR had raised $20M from CITIC Group at a reported $800 million valuation as a part of this round.

The VR startup, which has made a name for itself in live-streaming sporting events and concerts, has raised over $135 million to date. New Asia-based investors in the Series B round include CITIC Group, NetEase, CMC Holdings, Softbank Corp, VMS Investments Group, Founder H Fund, China Assets (Holdings) Limited and Spectrum 28.

“With this new funding, we will continue to build NextVR’s virtual reality platform to meet the needs of the world’s largest fan bases around live sports and music content,” said Brad Allen, NextVR Executive Chairman in a release. “Having the support of Asia’s biggest players provides us with significant resources for creating and distributing both local and international content in China, Korea, and Japan.”

The company completed a $30.5 million Series A just this past November led by Formation 8. All of NextVR’s Series A investors returned to invest in this most recent bout of funding.