Los Angeles startup wave announced a $ 30 million investment round to drive the growth of its live virtual entertainment platform.
Seattle-based VC company Maveron led the Serie B round, which also included Griffin Gaming Partners and others, including Scooter Braun, entertainment manager, and Alex Rodriguez, the legend of Major League Baseball.
Wave works with music labels, management companies and independent artists to host virtual concerts with digital fanatics. Here is a look at the work of Wave with the violinist Lindsey Stirling.
David Wu, partner of Maveron, said Wave was able to create a new category of companies.
"We expect rapid progress in the online functions of digital concerts from low-budget streams to truly spectacular, culture-defining events," he wrote in a blog post. "Wave has the ability to become the gold standard by which to compare all online live concert experiences."
Wu told GeekWire that Maveron had decided to invest before the global pandemic hit, although he found that COVID-19 "accelerated the far future into the new future as the music industry and mass meetings come to a standstill."
Wave plans to use the funds to introduce new in-stream experiences and expand to Japan, China and other countries. The company has hosted more than 50 events, some of which can accommodate up to 400,000 people at a time.
The startup is managed by the CEO and co-founder Adam Arrigo, a music technology veteran and former sound designer, game designer, and product guide who helped launch Wave Aaron Lemke. The total funding so far is $ 40 million. Additional supporters are NTT DOCOMO Ventures, Avex, Superfly Ventures, Convivialite Ventures, Raised in Space, RRE Ventures, Upfront Ventures, the Venture Reality Fund, the GFR Fund and the GC Tracker Fund, the Superfly co-founder Rick Farman and the Twitch co-founder Kevin Lin.
"I want to work with today's most forward-thinking music and technology leaders," said Braun in a statement. “The future of the industry depends on it. Adam and his team at Wave combine these two very important industries to create transformative experiences for the next generation of concert goers with a refreshingly artistic approach. "
Maveron, which has additional offices in San Francisco, invests in consumer startups and raised $ 180 million last year for its seventh fund. The Company announced This week, an Investment Associate is hired and the recruitment process is launched for the first time to “build a broad network and ensure that we encourage different, under-represented and non-traditional candidates to apply”.