VRChat, the popular social VR platform, announced its secured a Series D funding round of $80 million, which brings to the startup more than five times its overall lifetime investment.
The round was led by Anthos Capital, alongside participating investors Makers Fund, GFR Fund and others. According to Crunchbase, this brings VRChat’s overall outside investment to $95.2 million.
VRChat is a free app that brings together VR and non-VR users in user-generated spaces that can range from the mundane to the truly fantastic. Having celebrated its first taste of virality back in 2018, the PC and SteamVR-compatible app went on to include support for Oculus Quest in late 2020, which propelled it yet further with record-setting concurrent user numbers. The company now boasts over 40,000 concurrent users.
The company says the investment will “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, social VR app Rec Room also dipped its toes into the digital economy by offering its creators real financial reward for developing on the app, which includes things like premium experiences, avatar accessories, and in-game gadgets. Rec Room also posted some pretty substantial funding, as its latest round garnered it a $100 million Series D and a $1.25 billion valuation.
This means Rec Room and VRChat now rank among some of the most valuable VR companies outside of platform holders Facebook, Valve, and HTC.