Chinese Investment Firm Spends $20M For Stake In NextVR, Valuing Company At $800M

Chinese investment group CITIC Guoan has spent $20M buying a stake in NextVR, and the deal "helps to underpin" the virtual reality firm's $800M valuation, according to Patrick Frater of VARIETY. CITIC Guoan bought Class B shares "representing 2.3% of NextVR's total equity." NextVR now is "currently seeking" $80M of fresh capital (VARIETY.com, 7/4). TECH CRUNCH's Lucas Matney noted the $20M "is just a slice of the Series B raise." NextVR is "aggressively pursuing strategic partnerships." The company, which is backed by Formation 8 and Comcast Ventures, has "already signed multiyear partnerships with Fox Sports and Live Nation to host a great deal of live content in VR" (TECHCRUNCH.com, 7/6). In California, Chris Casacchia noted NextVR is "one of the most-watched companies in Orange County." The company late last year received $30.5M "in funding from a mix of finance, sports and entertainment backers" (OCBJ.com, 7/5).