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AltspaceVR Shutting Down - Broadcasting & Cable

AltspaceVR Shutting Down

Social VR pioneer, backed by Comcast VC, said deal for new funding fell through
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AltspaceVR, a startup that pioneered the concept of “social” VR, announced Thursday that it is shutting down on Aug. 3 at 7 p.m. PT because it was unable to lock in a new round of funding.

AltspaceVR, which counted Comcast Ventures among its backers, spread the word on its blog this morning and Thursday night via an email to registered users.

“It is with a tremendously heavy heart that we let you all know that we are closing down AltspaceVR on August 3rd…,” the company said in thisblog post. “The company has run into unforeseen financial difficulty and we can’t afford to keep the virtual lights on anymore. This is surprising, disappointing, and frustrating for every one of us who have put our passion and our hopes into AltspaceVR. We know it will probably feel similarly for you.”

AltspaceVR noted that a group of investors offered funding in 2015, but that its next round fell through. It raised a $10.3 million Series A round in 2015 that included participation from Comcast Ventures, Tencent, Dolby Family Ventures and Promus Ventures, among others. AltspaceVR, founded in 2013, has raised $15.7 million,according to CrunchBase.

For the full story go to Multichannel.com.

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