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Chinese group adds to NextVR funding

NextVR, a prominent developer of virtual reality content, has received $20 million in funding from Chinese investment group CITIC Guoan as part of a developing Series B round of venture capital.
The company just eight months ago closed on a $30.5 million Series A round that included Comcast Ventures, Time Warner Investments, sports industry mogul Peter Guber, RSE Ventures and Madison Square Garden, among others. But with virtual reality continuing its sharp ascent, the Laguna Beach, Calif., company is obtaining more funding.

The investment from CITIC Guoan secures a roughly 2.3 percent stake in NextVR and values the company at about $800 million. NextVR Executive Chairman Brad Allen has an extensive background in Asian financial markets.

NextVR’s work has included the Kentucky Derby, Daytona 500, Big East Tournament and golf’s U.S. Open, and the company has a five-year deal with Fox Sports to develop live VR content. NextVR in May won a Sports Business Award for Best in Sports Technology.

— Eric Fisher


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