Tracxn - VR Gaming Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - VR Gaming - May 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on May 3, 2018.
VR Gaming Feed Summary
4
VR Gaming > Feed Summary
Companies that develop VR mobile games as their primary offering
• Inclusions: Game Developers : Includes companies
focusing on developing VR games. Includes companies
which have previously developed couple of games for
other platforms but now developing VR games. Includes
companies providing VR experiences, enabling players to
have their own choice of Avatar and to meet other players
avatars in the platform.
• Exclusions: Excludes : VR headset and other device
manufacturers. Companies enabling development studios
or publishers in marketing, promotion, analytics, or other
related services.
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$273M
Funding
1
Mega
Companies
76306
FundedCovered on
Tracxn
-
Unicorns
-
Soonicorns
6
Minicorns
1
IPO’d Cos
19
Late Stage Cos
1
-
Acquisitions
19
DeadPooled
2
Acquihired
Series A+ Cos
Survios
(2013, Los Angeles, $54.2M)
Zero Latency
(2014, Melbourne, $8M)
CCP Games
(1997, Reykjavik, $66.3M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in VR Gaming
5
$5M - Seed
Against Gravity (2016, Seattle, $5M)
Series B
Survios (2013, Los Angeles, $54M)
Series B
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
VR Gaming > Feed Summary > Investment Trend Summary
Seed Rothenberg Ventures (#4), Anorak Ventures (#2), Vulcan Capital
(#2)
Series A/B
Andreessen Horowitz (#1), Bonnier Growth Media (#1), Colopl
Next (#1)
Series C+ New Enterprise Associates (#1), Novator Partners (#1)
Incubators Boost VC (#9) Play Labs (#2) Innovation Fund America (#1)
Other Notable
Investors
HTC Corporation (#2), 37Games (#1), Awesome Inc (#1)
Debt Investors Western Technology Investment (#1)
Most Active InvestorsRecent Investments
44
77
58
52
2
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 1 6 22 27 13 -
$5M
$12M
$84M
$51M
$25M
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$112M
$96.6M
$8M
$3.2M
$3.1M
US
Europe
Australia
Canada
Japan
$ Funding

Summary of exit outlook in VR Gaming
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
VR Gaming > Feed Summary > Exit Outlook Summary
Recent IPOs Top Acquisitions
The Farm 51
VR game and content development studio
IPO MCap: - Current MCap: -

Feed Report - VR Gaming - May 20187 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Overview
Companies 306
Funded 76 Series A+ 19
Funding $273M Last 2 yrs $76M
Most Active Investors
Seed Rothenberg Ventures (3)
Series A/B Andreessen Horowitz (1)
Series C+ New Enterprise Associates (1)
Others HTC Corporation (2)
Incubators Boost VC (9)
FACTSHEET
Top Cities
Reykjavik 3 Cos $69M
Bay Area 29 Cos $41M
Feed in Numbers
Unicorns - Soonicorns -
Minicorns 6 Editor Picks 19
Acquihired 2 Deadpooled 19
Top Companies
CCP Games (1997, Reykjavik, $66M)
Zero Latency (2014, Melbourne, $8M)
Exits
IPOs 1 The Farm 51
Acquisitions - -
Top Acquirers -
CASUAL GAME DEVELOPER
CONSOLE & MOBILE
CORE GAME DEVELOPERS
Marketmap: VR Gaming
CONTENT
GAMING EXPERIENCES
SOCIAL
ARENA
CONSOLE
MOBILE
VR Gaming > Feed Summary > BlueBox

Key Sub Sectors in VR Gaming Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Developers >
Core Games 68 $19.6M 11
Developers > Casual Games >
Console 77 $13.1M 8
Developers > Casual Games >
Console & Mobile 108 $15.7M 7
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Developers
Companies that create/develop VR games
306 76 $273M
VR Gaming > Feed Summary > Summary of Key Markets

List of Notable Companies in VR Gaming
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
VR Gaming > Feed Summary > Notable Companies in the Sector
Public
The Farm 51
(2005, Gliwice)*

List of Notable Companies by Market in VR Gaming
Notable Companies by Market
11
VR Gaming > Feed Summary > Notable Companies by Market
Developers
Core Games
The Farm 51 (2005, Gliwice)
Stage: Public

Recent News in VR Gaming Sector
Recent News
12
VR Gaming > Feed Summary > Recent News
Apr 2018
Double Fine Releases New ‘Psychonauts’ VR Game, Animation
Magazine
Apr 2018 News start-up picks up major European award, BusinessCloud
Apr 2018
TPCAST Partners with Vertigo Games Delivering a Superior Arcade
Experience to VR users, PRWeb
Apr 2018 Steam's Privacy Changes Spell Doom for SteamSpy Tool, Ewoow
Apr 2018
Steam turns 150 million user accounts worldwide private, by
default, Diligent Media Corporation
Apr 2018 Steam Spy to shut over new privacy settings, Bit-tech
Mar 2018
Crytek releases Cryengine 5.5 alongside new royalties model,
mcvuk.com
Mar 2018
Crytek Begins Strategic Partnership with PlayFusion to Bring
Additional Features to CRYENGINE, PR Newswire
Mar 2018
DisplayLink Partners with Croteam to Showcase Serious Sam in
Wireless VR at GDC 2018, Business Wire
Mar 2018
Resolution Games reveals AR fishing game Bait! Under the Surface,
VentureBeat
Feb 2018 Crytek CEO Cevat Yerli steps down, Pocker Gamer
Feb 2018
Horizon: Zero Dawn sales pass 7.6 million on its first birthday,
VentureBeat
Feb 2018
Steam is down again for Valve’s routine Tuesday maintenance,
VentureBeat
Feb 2018 Moss’s PSVR fairy-tale adventure launches February 27, abskillz
Key Recent News Key Recent News
Feb 2018 CCP Games announces Eve Online bot penalty shift, Bit-tech
Feb 2018
‘Sairento VR’ Exits Steam Early Access Today, Launches on Oculus
Home, Road to VR
Jan 2018
Fireproof Games partners with NetEase to bring The Room Three
and Old Sins to Asia, Pocker Gamer
Jan 2018
AltspaceVR CEO joins Facebook months after selling his startup to
Microsoft, TechCrunch
Jan 2018 Rebellion acquires Leamington Spa studio Radiant Worlds, Develop
Jan 2018
Virtual reality company brings innovative tech to Marlborough,
Worcester Business Journal
Jan 2018 Sumo Digital takes over CCP Newcastle studio, GamesIndustry
Dec 2017 Minority Media bets on VR arcade games to survive, VentureBeat
Dec 2017
Virtual reality gaming comes to Marlborough's Apex Center,
Dec 2017 Solfar unveils newest VR project, Northstack
Dec 2017
‘Waddle Home’ Interactive Puzzle Released for AR Platforms, Virtual
Reality Summit
Dec 2017 Social VR app Rec Room gets clubhouses, VentureBeat
Dec 2017 Race for the Galaxy launches Brink of War expansion, VentureBeat
Dec 2017
Crytek sues Star Citizen developer for breach of contract, copyright
infringement, Develop

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
13
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors

Some more Sector Reports you might want to check out
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Second Hand Goods
Apr 2018
Life Sciences Software
Apr 2018
Ecommerce Enablers
Apr 2018

$150K
$30M
$5M
$12M
$84M
$51M
$25M
0
5
10
15
20
25
30
$0k
$10M
$20M
$30M
$40M
$50M
$60M
$70M
$80M
$90M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in VR Gaming; 2011-2018
Global Funding Trends (1/2)
15
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
VR Gaming > Investment Trends > Global Funding Trends
#Rounds
$Funding
135% $ Funding
29% $ Funding
53% # of Rounds
29% # of Rounds

1
2 4 16 16 9
3
1
2 5
11
4
1
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
1
0
Total # of Rounds
$150K
$2M $8M $7M $16M $11M
$28M $5M
$4M
$47M
$35M
$15M$30M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
$0K
$20M
$0K $0K
$55M
$0K $0K $0K
0
0.5
1
1.5
2
2.5
0
10000000
20000000
30000000
40000000
50000000
60000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
16
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in VR Gaming; 2011-2018
VR Gaming > Investment Trends > Global Funding Trends
4
1
6
13
21
8 53
$2.4M
$2.0M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
0
10
20
30
40
50
60
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
- 1 - - 2 - - - $2.4M $5M $2M $0.7M $2M $1.9M - $2M
$150K $0K
Total $ Invested

VR Gaming > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in VR Gaming
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Reykjavik 69M 5
Bay Area 41M 12
Mckinney 33M 2
Los Angeles 14.3M 9
Farnborough 12.1M 5
Seattle 11.2M 3
Stockholm 9.9M 4
Melbourne 8M 2
Austin 5M 1
Santa Monica 5M 1
Total Funding
41
29
3
1
2
2
# Rounds
$112M
$96.6M
$8M
$3.2M
$3.1M
$100k
US
Europe
Australia
Canada
Japan
South Korea
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.2
$0.9
$0.0
$1.9
$0.8
$1.6 $1.5
2011 2012 2013 2014 2015 2016 2017
$0.0
$8.0
$5.0
$2.2
$6.4
$4.6
$1.6
$0.0
$20.0
$0.0 $0.0
$14.0
$2.5
$5.7
$0.0 $0.0 $0.0 $0.0
$30.0
$0.0 $0.0
VR Gaming > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in VR Gaming; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$20K* $5.2M
$414K $10.3M
$2.5M $25M
$30M $30M
$30M
$5.7M
$4.5M
$1.2M
Series C+
Series B
Series A
Seed
Stage

Note: 46 companies with undisclosed funding amount are not included
19
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
11
25
3
2
No. of Companies
VR Gaming > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in VR Gaming; as of May 2018
Distribution of companies by Funding Range
$3M
$88M
$61M
$121M
$ Investment

Stage No. of Companies
Funding
Funnel
100%
25%
6%
2%
0%
20
Note: Numbers in the brackets show the count of companies
Time to raise
next round
1
5
19
76
306
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
25% 0%
(1)
0%
(1)
1%
(2)
6%
(19)
68%
(209)
25% - - 3%
(2)
7%
(5)
66%
(50)
26% - - 11%
(2)
11%
(2)
53%
(10)
20% - - - - 80%
(4)
- - - - - 100%
(1)
VR Gaming > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in VR Gaming
Funding Funnel
16 Months
19 Months
40 Months
Investment backedBootstrapped
1
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
VR Gaming > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in VR Gaming; May 2016-May 2018
Notable Investments in last 24 months
EARLY STAGE
Series B Dec 2016
Survios (2013, Los Angeles, $54.2M)
Developer of games and applications for virtual
reality devices
MGM Studios
Series B Jun 2016
reality devices
Lux Capital, Shasta Ventures, Danhua Capital
SEED STAGE
$5M - Seed Feb 2017
VR-based social gaming platform developer
Sequoia Capital, First Round Capital, Acequia
Capital, Maveron, Anorak Ventures, Betaworks,
Venture Reality Fund, Charles Fitzgerald, Vulcan
Capital

Most Active Investors (VC, PE) by Stage in VR Gaming; Last 5 years (May 2013-May 2018)
Most Active VC & PE Investors
22
VR Gaming > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Rothenberg Ventures (4 Investments)
AltspaceVR, Roqovan, Innerspace
1
Anorak Ventures(2 Investments)
Against Gravity, Drifter Entertainment
2
Vulcan Capital (2 Investments)
Against Gravity, Polyarc Games
3
Inventure(2 Investments)
Solfar Studios, Mindfield Games
4
Raine Group (2 Investments)
AltspaceVR, Kite & Lightning
5
Venture Reality Fund (2 Investments)
Against Gravity, Drifter Entertainment
6
Acequia Capital
Against Gravity
7
Betaworks
Against Gravity
8
Capnova
Bolverk Games
9
Carthona Capital
Zero Latency
10
EARLY STAGE
Andreessen Horowitz
Syntertainment
1
Bonnier Growth Media
Resolution Games
2
Colopl Next
Owlchemy Labs
3
Comcast Ventures
AltspaceVR
4
Creades
Fast Travel Games
5
Creandum
Resolution Games
6
Danhua Capital
Survios
7
Dentsu Ventures
Survios
8
Felicis Ventures
Survios
9
GV
Resolution Games
10
LATE STAGE
New Enterprise Associates
CCP Games
1
Novator Partners
CCP Games
2

VR Gaming > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in VR Gaming; Last 5 years (May 2013-May 2018)
Most Active Ecosystem Investors
INCUBATOR
Boost VC(9 Investments)
Kite & Lightning, SurrealVR, Pixel Ripped
1
Play Labs(2 Investments)
Team Future Games, Ridgeline Labs
2
Innovation Fund America
Enyx Studios
3
OTHER NOTABLE INVESTORS
HTC Corporation(2 Investments)
Owlchemy Labs, Steel Wool Studios
1
37Games
Archiact Interactive
2
Awesome Inc
RalphVR
3
Barunson Entertainment & Arts
Roqovan
4
Bojang Capital Management
Magic Cube
5
Brabantse Ontwikkelings
Maatschappij
VRee
6
University of Cambridge
Altogame
7
Capital Factory
Owlchemy Labs
8
Cascade Angels
ZeroTransform
9
Contango Group
Zero Latency
10
DEBT INVESTORS
Western Technology Investment
AltspaceVR
1

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
24
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
MMORPG
Mar 2018
PC & Console Gaming
Feb 2018
Gaming Enablers
Feb 2018

Feed Report - VR Gaming - May 201826 Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Marketmap: VR Gaming VR Gaming > Market Details > BlueBox

Key Sub Sectors
27
Key Sub Sectors in VR Gaming
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Developers
Companies that create/develop VR games
Owlchemy Labs (2010, Austin, Acquired)
CCP Games (1997, Reykjavik, $66.3M)
306 76 $273M
VR Gaming > Market Details > Key Sub Sectors

Detailed Sector Taxonomy
28
VR Gaming > Market Details > Detailed Sector Taxonomy

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Developers > Core Games
Game developers focused on creating core VR games, which offer elaborate gameplay and controls, as
well as high-quality graphics
(Companies covered 68 | Funded 21 | Total Funding $148M)
$19.6M
(-$21.7M)
11
(+3)
First Contactent
(2016, Santa Monica, $5M)
2
(-)
Developers > Casual Games > Console
Game developers focused on creating casual VR games for consoles
(Companies covered 77 | Funded 15 | Total Funding $46.1M)
$13.1M
(-$11.9M)
8
(+6)
Steel Wool Studios
(2012, Oakland, $5M)
3
(-)
Developers > Casual Games > Console & Mobile
Game developers focused on creating casual VR games for both console and mobile platforms
(Companies covered 108 | Funded 20 | Total Funding $26.2M)
$15.7M
(+$5.6M)
7
(-1)
Double Fine
(2000, San Francisco, $8M)
29
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in VR Gaming in last 2 years (May 2016 - April 2018)
VR Gaming > Market Details > Top Markets of Investment Activity

Incubators Innovation Fund America (#1)
Seed UCCVR (#1), Colopl Next (#1)
Series A/B Mercia Technologies (#1), Mercia Fund Management (#1)
Series C+ New Enterprise Associates (#1), Novator Partners (#1)
The Farm 51
IPO'd on WSE
$3.5M - Series B
nDreams (2006, Farnborough, $12.1M)
$1.2M - Series A
Force Field VR (2016, Amsterdam,
$1.2M)
Series B
$2.5M - Series B
nDreams (2006, Farnborough, $12.1M)
$500k - Seed
Xanadu Heights (2016, San Francisco,
$500k)
$5M - Series A
First Contactent (2016, Santa Monica,
$5M)
Seed
ZeroTransform (2014, Oregon)
$3.5M - Seed
Polyarc Games (2015, Seattle, $3.5M)
$3.5M - Series A
AfkVR (2015, San Francisco, $3.5M)
Seed
ZeroTransform (2014, Oregon)
Apr 2018
TPCAST Partners with Vertigo Games Delivering a Superior
Arcade Experience to VR users, PRWeb
Mar 2018
Crytek releases Cryengine 5.5 alongside new royalties
model, mcvuk.com
Mar 2018
Feb 2018
Horizon: Zero Dawn sales pass 7.6 million on its first
birthday, VentureBeat
Feb 2018
Moss’s PSVR fairy-tale adventure launches February 27,
abskillz
Dec 2017
Crytek sues Star Citizen developer for breach of contract,
copyright infringement, Develop
Dec 2017
CRYCASH Announces Its Token Sale and Partners With
Crytek, Immediately Bringing Cryptocurrency to Millions of
Gamers, Newswire
Aug 2017 CCP launches fourth VR installment with Sparc , Northstack
Jul 2017
Force Field VR raises €1 million in funding – 3D VR Central –
Virtual Reality News, 3D VR Central
Jul 2017
Mercia Technologies invests £2m in virtual reality company,
Digital Look
Jun 2017
CCP Games' Sparc to Launch Exclusively on PlayStation VR
This Year, Marketwired
News
0
2
4
6
8
10
$0k
$5M
$10M
$15M
$20M
$25M
$30M
$35M
$40M
2014 2015 2016 2017 2018
YoY Funding Rounds
1
1
7
21
68
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Developers > Core Games: Market Factsheet
Market: Core Games
30
Exits
Recent Investments
YoY Funding and Rounds
Game developers focused on
creating core VR games, which
offer elaborate gameplay and
controls, as well as high-quality
graphics
CCP Games
(1997, Reykjavik, $66.3M)
Survios
nDreams
(2006, Farnborough, $12.1M)
First Contactent
(2016, Santa Monica, $5M)
Polyarc Games
(2015, Seattle, $3.5M)
Top Companies
#1 Top Markets of Investment Activity
VR Gaming > Market Details > Market: Core Games
Companies Created 68 | Funded 21 | Total Funding $148M

Developers > Core Games: Top Companies
Market: Core Games
Analyst’s Pick
Video Games developer specializing in the
MMORPG and VR games
Minicorn. Stage: Series C
New Enterprise Associates, Novator Partners,
General Catalyst Partners and 2 Other Investors
reality devices
Minicorn. Stage: Series B
MGM Studios, Lux Capital, Shasta Ventures and 11
Other Investors
Force Field VR (2016, Amsterdam, $1.2M)
Developer of location-based VR experiences and VR
games
Editor's Pick. Stage: Series A
Grab (2009, Los Angeles)
Independent game developer
Editor's Pick. Stage: Unfunded

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
32
Developers > Core Games: Leaderboard
Market: Core Games
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Crytek 1999
Frankfurt
Am Main
Funded - - 5 - - 9 114k 57k - 6.3k -33k -22% - - 5.1k 10%
4.9 Survios 2013 Los Angeles Series B $54M - - - 3 4 430k 8.1k - - -64k -13% - - 787 11%
4.8 Grab 2009 Los Angeles Unfunded - - 4 - - 2 3.4M 5.9k 15k 1.8k 2M 70% - - 613 12%
4.8 Force Field VR 2016 Amsterdam Series A $1M 4 - - 4 1 3.3M 270 - - 2M 116% - - 49 22%
4.7
Mindfield
Games
2013 Helsinki Seed $377K - 4 - - - 10M 1.4k 787 16 7M 124% - - -36 -3%
4.6 nDreams 2006
Farnboroug
h
Series B $12M - 3 - - 6 2.2M - 34k 261 998k 92% - - - -
4.5
UTPlus
Interactive
2006
Seongnam-
si
Series A - - 5 2 4 - - - 3M 30.9k - - - - - -
4.4 Robot Invader 2011 Menlo Park Unfunded - - 4 - - - 2.8M 8.5k 11.3M 146k 641k 26% - - -96 -1%
4.3 ZeroTransform 2014 Oregon Seed - - 4 - - - 8.7M 412 300 7
-
10.2M
-54% - - 8 2%
4.3 VR Bits 2013 Canberra Unfunded - - 4 - - - 10M - 60k 75 7M 75% - - - -
4.2
High Voltage
Software
1993
Hoffman
Estates
Funded - - 4 - - 2 1.5M - 338k 23.9k -1.6M -50% - - - -
4.1 CCP Games 1997 Reykjavik Series C $66M - - - - 11 247k 49k - - -47k -16% - - 661 1%
4.0 Innerspace 2014 Seoul Seed $100K - - - - 1 10M 3.3k - - 10M 169% - - 108 3%
3.9
Fallen Planet
Studios
2013 Southport Unfunded - - 4 - - - 4.7M - 3k 48 177k 4% - - - -

Incubators Boost VC (#1)
Seed Raine Group (#1), CourtsideVC (#1)
Series A/B HTC Corporation (#1), Industrifonden (#1)
Series C+
None
$2.1M - Series A
Fast Travel Games (2016, Stockholm,
$2.1M)
Angel
HatRabbit (2016, Nacka)
$1.3M - Seed
Colopl NI (2015, San Mateo, $1.3M)
$5M - Series A
Steel Wool Studios (2012, Oakland,
$5M)
$500k - Seed
Uber Entertainment (2008,
Kirkland, $500k)
$1.8M - Seed
SVRVIVE Studios (2016, Stockholm,
$1.8M)
$2.5M - Seed
Kite & Lightning (2014, Los Angeles,
$2.5M)
Seed
Fast Travel Games (2016, Stockholm,
$2.1M)
Seed
Bolverk Games (2015, Copenhagen)
Dec 2017
Race for the Galaxy launches Brink of War expansion,
VentureBeat
Nov 2017 Subdream Studios Acquires VR Plus, Etnews
Sep 2017
Swedish VR games studio Fast Travel Games collects $2.1
mln Series A, PE Hub
Aug 2017 Game Veteran Invests In New Game Studio Hatrabbit, STING
Jun 2017
MyDream Launches Controller-Free Virtual Reality Game
Candy Squad at E3 Expo, Marketwired
May 2017 Charm Games Launches Its FORM On HTC Vive, VRstatus
May 2017
Phaser Lock Interactive Announces Strategic Partnership
with Smilegate to Develop VR Game, PRWeb
Aug 2016
HTC makes $5 million investment in VR gaming startup Steel
Wool Studios, TechCrunch
Nov 2015
FUNDED! Kittypocalypse is all grown up. - Bolverk Games,
pfmedia.dk
Oct 2015
class entertainment for virtual reality and beyond, PR
Newswire
News
0
1
2
3
4
5
6
7
$0k
$5M
$10M
$15M
$20M
$25M
$30M
2014 2015 2016 2017 2018
YoY Funding Rounds
-
-
3
15
77
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Developers > Casual Games > Console: Market Factsheet
Market: Console
33
Exits
Recent Investments
creating casual VR games for
consoles
Playful
(2012, Mckinney, $33M)
Steel Wool Studios
(2012, Oakland, $5M)
Kite & Lightning
Fast Travel Games
(2016, Stockholm, $2.1M)
SVRVIVE Studios
(2016, Stockholm, $1.8M)
Top Companies
VR Gaming > Market Details > Market: Console
Companies Created 77 | Funded 15 | Total Funding $46.1M

Developers > Casual Games > Console: Top Companies
Market: Console
Analyst’s Pick
Steel Wool Studios (2012, Oakland, $5M)
VR game development studio
HTC Corporation
EVR Studio (2016, Seoul)
VR content and game development company
Editor's Pick. Stage: Funded
Altos Ventures Capital
Developer of VR Games
Editor's Pick. Stage: Seed
Karl Magnus Troedsson
Phaser Lock Interactive (2015, Austin)
Virtual reality game development studio

35
Developers > Casual Games > Console: Leaderboard
Market: Console
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0
Keep Talking
Game
2014 Ottawa Unfunded - - 5 - - - 182k 3.6k 30k 182 -23k -11% - - 84 2%
4.9 HatRabbit 2016 Nacka Seed - - 4 - 4 1 3.7M 199 75k 449 -1.7M -30% - - 63 46%
4.9
Temple Gates
Games
2013 San Mateo Unfunded - - 5 - - 2 1.5M 430 30k 364 153k 12% - - 84 24%
4.8
Mythical City
Games
2014 Vancouver Unfunded - - 3 - 3 - 10M 241 75 4 16M 680% - - 37 18%
4.7 CasinoVR 2014 Zurich Funded - - 3 - - - 4.5M 1.8k 3k 16 828k 28% - - - -
4.6
Wolfdog
Interactive
2014 Rotterdam Unfunded - - 4 4 4 - - 79 8k 143 - - - - 14 22%
4.6 Darknet 2013 San Diego Unfunded - - 5 - - - 3.6M 1.2k 300 11 -208k -5% - - 27 2%
4.5 BigBox VR 2016 Seattle Funded - - - - 3 - 10M 2.2k - - 3M 26% - - 510 31%
4.4
White Elk
Studios
2015 Los Angeles Unfunded - - 5 - - - 2.8M 374 30k 150 -5.5M -67% - - 24 7%
4.3
Out Of My
Mind Games
2015 Eugene Unfunded - - 3 - - - 10M - 4k 40 6M 32% - - - -
4.3 Playful 2012 Mckinney Series B $33M - - - - 2 851k 3.4k - - 288k 49% - - 654 24%
4.2 Egosoft 1988 Wurselen Unfunded - - - - 3 - 136k 4.6k - - 2k 1% - - 238 5%
4.1 Carbon Studio 2016 Gliwice Unfunded - - - - 4 - 3.9M 527 - - 4M
7024
%
- - 102 24%

Incubators Play Labs (#2), Boost VC (#2)
Seed Signia Venture Partners (#2), Reaktor Ventures (#1)
Series A/B Venture Reality Fund (#1), Qualcomm Ventures (#1)
Series C+
None
Seed
Dream Reality Interactive (2016,
London)
$20k - Seed
Ridgeline Labs (2017, San Francisco,
$20k)
$20k - Seed
Team Future Games (2014,
Brookline, $20k)
$8M - Series B
Double Fine (2000, San Francisco,
$8M)
$2.7M - Seed
Drifter Entertainment (2016,
Seattle, $2.7M)
Series A
Luden.io (2015, Moscow)
$750k - Seed
Freeform Labs (2015, Los Angeles,
$750k)
$3.2M - Series A
Archiact Interactive (2013,
Vancouver, $3.2M)
Apr 2018
Magazine
Mar 2018
DisplayLink Partners with Croteam to Showcase Serious Sam
in Wireless VR at GDC 2018, Business Wire
Feb 2018
‘Sairento VR’ Exits Steam Early Access Today, Launches on
Oculus Home, Road to VR
Jan 2018
Rebellion acquires Leamington Spa studio Radiant Worlds,
Develop
Dec 2017
‘Waddle Home’ Interactive Puzzle Released for AR
Platforms, Virtual Reality Summit
Dec 2017
Owlchemy Labs unveils Vacation Simulator as its next VR
title, VentureBeat
Dec 2017 HTC supports Swiss start-up Apelab, Telecompaper
Sep 2017
Catan GmbH, Catan Studio, Asmodee Digital and Experiment
7 Announce Catan VR™- VR Adaptation of Klaus Teuber's
Board Game Classic, Virtual Reality Reporter
Aug 2017 The Talos Principle is coming to iOS, Pocker Gamer
Jul 2017
US zoo reaches out to millennials with new app,
thestar.com.my
Jul 2017
Co-Founder of PlayStation Invests In Dream Reality
Interactive, Disruptor Daily
May 2017 Luden.io Released Its InMind 2 VR Game, VRstatus
May 2017 Google acquires Owlchemy Labs VR game studio, TechCrunch
News
0
1
2
3
4
5
6
7
$0k
$2M
$4M
$6M
$8M
$10M
$12M
$14M
2014 2015 2016 2017 2018
YoY Funding Rounds
-
-
4
20
108
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Developers > Casual Games > Console & Mobile: Market Factsheet
Market: Console & Mobile
36
Exits
Recent Investments
creating casual VR games for both
console and mobile platforms
Double Fine
(2000, San Francisco, $8M)
Owlchemy Labs
(2010, Austin, $5M)
Roqovan
(2014, Los Angeles, $4M)
Archiact Interactive
(2013, Vancouver, $3.2M)
Top Companies
VR Gaming > Market Details > Market: Console & Mobile
Companies Created 108 | Funded 20 | Total Funding $26.2M

Developers > Casual Games > Console & Mobile: Top Companies
Analyst’s Pick
Owlchemy Labs (2010, Austin, $5M)
Independent game development studio
Editor's Pick. Stage: Acquired
Qualcomm Ventures, HTC Corporation, Venture
Reality Fund and 2 Other Investors
Roqovan (2014, Los Angeles, $4M)
Independent game and VR development studio
Rothenberg Ventures, CRCM Venture, World
Innovation Lab, Barunson Entertainment & Arts
Archiact Interactive (2013, Vancouver, $3.2M)
Virtual reality game developer & publisher
Minicorn. Stage: Series A
37Games
Solfar Studios (2014, Reykjavik, $2.6M)
Minicorn. Stage: Seed
Reaktor Ventures, Inventure, Shanda Group and 2
Other Investors
Analyst’s Pick
Cloudgate (2016, Aurora)
Game development studio focused on creating high
definition VR games and experiences
Flarb (2001, Los Angeles)
Development studio engaged in HoloLens, Mixed
Reality, AR, and VR games
Glitchers (2013, London)
VR games development company specialized in
arcade, adventure, and simulation games

38
Developers > Casual Games > Console & Mobile: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Glitchers 2013 London Unfunded - - 5 5 4 - 9M 1.2k 3.2M
104.6
k
3M 38% 205
-
138%
386 54%
5.0 EnsenaSoft 2009 Mexico Unfunded - - 4 4 3 - 2.2M 5.6k 1.9M
121.8
k
-31k -1% 303 2% -122 -2%
4.9
Skonec
Entertainment
2002 Seoul Funded - - 5 3 - - 5.7M 59 788k 20.8k 4M 152% - - 5 9%
4.9 DrashVR 2014 Murrieta Unfunded - - 4 4 4 - 6.1M 4.2k 3.1M 10.8k - - - - 336 9%
4.8 Double Fine 2000
San
Francisco
Series B $8M - 4 - - 2 177k 135k 915k 32.6k 29k 19% - - 2k 2%
4.8
Archiact
Interactive
2013 Vancouver Series A $3M - 4 - - 1 10M - 4.4M 8.6k 2M 11% 79 4% - -
4.7
Owlchemy
Labs
2010 Austin Acquired $5M - 4 - - 5 1.3M 16k 811k 7.4k 433k 50% 14 6% 1.6k 11%
4.7 Luden.io 2015 Moscow Series A - - 4 - 3 1 1.3M 1.3k 405k 2.5k -569k -31% - - 20 2%
4.6
Multiverse
Entertainment
2016 La Puente Unfunded - - 4 - 4 - 4M 832 75k 231 3M 148% 7 3% 58 7%
4.6 Mego 2012 Santiago Seed - - 4 - - - 8.3M 870 409k 7.4k 5M 115% - - 86 11%
4.5 Archiact 2013 Vancouver Unfunded - - 4 3 3 1 1.9M 7k 4k 15 456k 32% - - 276 4%
4.5 Flarb 2001 Los Angeles Unfunded - - 4 4 4 - 10M 2.9k 70k 849 13M 223% - - - -
4.4 Repulse 1997 Plovdiv Seed - - 5 - 1 - 1.6M - 4k 151 -3M -67% 7 258% - -
4.4 Otherworld 2014 Los Angeles Unfunded - - 4 - - 1 8.3M 3.4k 3.1M 12.3k 4M 80% - - 15 -

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
39
Acqui-hires

Public companies
41
Performance indicators of public companies in VR Gaming
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
WSE:F51
VR Gaming > Exit Outlook > Public Companies

Acqui-hires
42
List of Acqui-hires in VR Gaming
Excludes all details for Chinese companies
Date Target
Oct-17 AltspaceVR Acq by Microsoft
May-17 Owlchemy Labs Acq by Google
VR Gaming > Exit Outlook > Acqui-hires
View all 2 Acqui-hired companies on Tracxn Platform

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
43
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

VR Gaming > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in VR Gaming; Last 5 years (May 2013 - Apr 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Rothenberg Ventures (4 Investments)
Raine Group (2 Investments)
Venture Reality Fund (2 Investments)
Vulcan Capital (2 Investments)
Anorak Ventures (2 Investments)
Inventure (2 Investments)
Dolby Family Ventures
Lux Capital
Promus Ventures
GV
Colopl Next
Carthona Capital
Formation 8
Foundation Capital
SV Angel
EARLY STAGE
Lux Capital
Venture Reality Fund
GV
Comcast Ventures
Maven Ventures
Streamlined Ventures
Colopl Next
Creandum
Initial Capital
Partech Ventures
Andreessen Horowitz
Mayfield
Qualcomm Ventures
Dentsu Ventures
LATE STAGE
Novator Partners

Rothenberg Ventures
46
Portfolio in VR Gaming | Exits | Funds Link | Website | LinkedIn | Twitter
VR Gaming > Investors > Rothenberg Ventures
People
Investments
[Editor's Pick] Roqovan (2014, Los Angeles, $4M, Seed)
VR Gaming Notable Portfolio
[Unicorn] SpaceX (2002, Hawthorne, $2.2B, Series I)
Reusable Space launch vehicles
[Unicorn] Robinhood (2012, Palo Alto, $526M, Series D)
Zero commission trading app
[Unicorn] Gusto (2011, San Francisco, $176M, Series C)
Cloud-based HRMS and payroll management solution
[Soonicorn] Planet Labs (2010, San Francisco, $183M, Series C)
Microsatellites to maps the earth to provide universal access to
information
[Soonicorn] Revel Systems (2010, San Francisco, $127M, Series
C)
iPad-based restaurant management solution
[Soonicorn] Apartment List (2008, San Francisco, $110M, Series
C)
Apartment Listing Aggregator
[Soonicorn] Patreon (2013, San Francisco, $107M, Series C)
Crowdfunding for musicians, artists & content creators.
[Soonicorn] JauntVR (2013, Palo Alto, $100M, Series C)
Producer and distributor of immersive VR, AR, and MR content
[Soonicorn] Boku (2008, San Francisco, $91.3M, Public)
Mobile Payments through Carrier Billing.
[Soonicorn] Meta (2012, Redwood City, $73M, Series B)
AR headsets for holographic interactions
[Soonicorn] Tile (2012, San Mateo, $59.2M, Series B)
Develops a location tracking consumer device
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Mike
Rothenberg
Founder
Geographical Spread Stage of Entry
Oct 2017
Microsoft acquires social virtual reality app AltspaceVR,
TechCrunch
Aug 2017
Social virtual reality startup AltspaceVR may not be dead
after all, TechCrunch
Jul 2017 AltspaceVR social app is shutting down, TechCrunch
Sep 2016
NBC will stream the debates and other election coverage
in VR, starting tonight, TechCrunch
Sep 2016
The future of human computer interaction will be
multimodal, TechCrunch
Aug 2016
Innerspace VR recruits actor John Rhys-Davies for artistic
VR title, VentureBeat
Jul 2016
VR studio Kite & Lightning raises $2.5M to build a fighting
baby game, TechCrunch
Feb 2016
AltspaceVR Social Platform Launches On Samsung Gear
VR, TechCrunch
Sep 2015
In A Virtual Press Event, AltspaceVR Announces Its Chat
Room Coming To Samsung Gear VR, TechCrunch
Jul 2015
VR Chat Room AltspaceVR Raises $10.3M To Sell Virtual
Events, TechCrunch
None
11
3
2013 2014 2015 2016 2017 2018
Follow On New Investments
-
-
-
-
4
Undisclosed
Series C+
Series B
Series A
Seed2
1
1
-
-
US
South Korea
Europe

Raine Group
47
VR Gaming > Investors > Raine Group
People
Investments
[Unicorn] Vice Media (1994, Brooklyn, $1.4B, Series F)
Media company and content creation studio
[Unicorn] DraftKings (2012, Boston, $703M, Series E)
Fantasy sports gaming
[Soonicorn] SoundCloud (2007, Berlin, $363M, Series F)
Ad-supported music streaming open platform
[Soonicorn] Wattpad (2006, Toronto, $119M, Series D)
Online platform for stories
[Soonicorn] Parchment (2003, Phoenix, $83.6M, Series E)
Credential verification and online sharing platform for transcripts
[Soonicorn] Tastemade (2012, Santa Monica, $80.3M, Series D)
A video network for foodies
[Soonicorn] Super Evil Megacorp (2012, San Mateo, $63M,
Series B)
Mobile Game developer specializing in Core games
[Soonicorn] Olo (2005, New York City, $53.8M, Series D)
SaaS-based online ordering solution for restaurant
[Soonicorn] Reigning Champs (2014, Santa Monica, $52.5M,
Series B)
Software solutions and platform for student athlete recruitment
[Minicorn] The Black Tux (2012, Santa Monica, $71M, Series C)
Tuxedo and suit rentals online
[Minicorn] Mobcrush (2013, Los Angeles, $35.9M, Series B)
Live game broadcasting platform for mobile games
[Minicorn] StarMaker (2010, San Francisco, $13.5M, Series B)
Music video creation and sharing
[Minicorn] Maker Media (2013, Sebastopol, $10M, Series A)
DIY kits provider for STEM learning
Top Exits
Brandon
Gardner
Co-Founder &
President
Deborah Mei
Co-Founder & Partner
Jeff Sine
Joe Ravitch
John Salter
Oct 2017
Microsoft acquires social virtual reality app AltspaceVR,
TechCrunch
Aug 2017
Social virtual reality startup AltspaceVR may not be dead
after all, TechCrunch
Jul 2017 AltspaceVR social app is shutting down, TechCrunch
Sep 2016
NBC will stream the debates and other election coverage
in VR, starting tonight, TechCrunch
Sep 2016
The future of human computer interaction will be
multimodal, TechCrunch
Jul 2016
Feb 2016
AltspaceVR Social Platform Launches On Samsung Gear
VR, TechCrunch
Sep 2015
In A Virtual Press Event, AltspaceVR Announces Its Chat
Room Coming To Samsung Gear VR, TechCrunch
Jul 2015
VR Chat Room AltspaceVR Raises $10.3M To Sell Virtual
Events, TechCrunch
None
11 1
2013 2014 2015 2016 2017 2018
-
-
-
-
2
Undisclosed
Series C+
Series B
Series A
Seed2
-
-
-
-
US

48
VR Gaming > Investors > Venture Reality Fund
People
Investments
[Minicorn] Against Gravity (2016, Seattle, $5M, Seed)
VR Gaming Notable Portfolio
Top Exits
Hironao
Kunimitsu
Co-Founder &
Managing Partner
Tipatat
Chennavasin
Co-Founder &
Managing Partner
Marco DeMiroz
Co-Founder &
Managing Partner
Dec 2017
Owlchemy Labs unveils Vacation Simulator as its next VR
title, VentureBeat
May 2017
Google acquires Owlchemy Labs VR game studio,
TechCrunch
Apr 2017
Rick and Morty: Virtual Rick-ality has been released,
VRstatus
Feb 2017 Against Gravity attracts $5 mln, PE Hub
Jan 2017
Job Simulator is one of the first VR hits: $3 million in
sales, VentureBeat
Dec 2016
VR game studio Drifter Entertainment, led by Oculus and
HoloLens vets, raises $2.25M, GeekWire
Aug 2016
Owlchemy Labs nabs $5 million to keep on building crazy
VR games, TechCrunch
None
2
1
2013 2014 2015 2016 2017 2018
-
-
-
1
2
Undisclosed
Series C+
Series B
Series A
Seed3
-
-
-
-
US

Vulcan Capital
49
VR Gaming > Investors > Vulcan Capital

Anorak Ventures
50
VR Gaming > Investors > Anorak Ventures

Inventure
51
VR Gaming > Investors > Inventure

Dolby Family Ventures
52
VR Gaming > Investors > Dolby Family Ventures

Lux Capital
53
VR Gaming > Investors > Lux Capital

Promus Ventures
54
VR Gaming > Investors > Promus Ventures

GV
55
VR Gaming > Investors > GV

Colopl Next
56
VR Gaming > Investors > Colopl Next

Carthona Capital
57
VR Gaming > Investors > Carthona Capital

Formation 8
58
VR Gaming > Investors > Formation 8

Foundation Capital
59
VR Gaming > Investors > Foundation Capital

SV Angel
60
VR Gaming > Investors > SV Angel

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
61
Seed Stage
Early Stage
Late Stage

Lux Capital
62
VR Gaming > Investors > Lux Capital

63
VR Gaming > Investors > Venture Reality Fund

GV
64
VR Gaming > Investors > GV

Comcast Ventures
65
VR Gaming > Investors > Comcast Ventures

Maven Ventures
66
VR Gaming > Investors > Maven Ventures

Streamlined Ventures
67
VR Gaming > Investors > Streamlined Ventures

Colopl Next
68
VR Gaming > Investors > Colopl Next

69
VR Gaming > Investors > Bonnier Growth Media

Creandum
70
VR Gaming > Investors > Creandum

Initial Capital
71
VR Gaming > Investors > Initial Capital

Partech Ventures
72
VR Gaming > Investors > Partech Ventures

Andreessen Horowitz
73
VR Gaming > Investors > Andreessen Horowitz

Mayfield
74
VR Gaming > Investors > Mayfield

Qualcomm Ventures
75
VR Gaming > Investors > Qualcomm Ventures

Dentsu Ventures
76
VR Gaming > Investors > Dentsu Ventures

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
77
Seed Stage
Early Stage
Late Stage

78
VR Gaming > Investors > New Enterprise Associates

Novator Partners
79
VR Gaming > Investors > Novator Partners

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
80
Incubators
Other Notable Investors
Debt Investors

VR Gaming > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in VR Gaming; Q1 2013 - Q1 2018
Index of Ecosystem Investors
INCUBATOR
Boost VC (9 Investments)
Play Labs (2 Investments)
Innovation Fund America
OTHER NOTABLE INVESTORS
HTC Corporation (2 Investments)
37Games
Awesome Inc
Barunson Entertainment & Arts
Bojang Capital Management
Brabantse Ontwikkelings Maatschappij
University of Cambridge
Capital Factory
Cascade Angels
Contango Group
Creative England
Enterprise Ireland
Film
Gumi
DEBT INVESTORS

Boost VC
82
VR Gaming > Investors > Boost VC
People
Investments
[Soonicorn] 8i (2014, Wellington, $41.5M, Series B)
Tools for volumetric video capture
[Minicorn] Veem (2014, San Francisco, $40M, Series B)
B2B payment platform.
[Minicorn] Abra (2014, Mountain View, $30M, Series B)
Fiat money remittance based on bitcoin
[Minicorn] Transcriptic (2012, Menlo Park, $27.7M, Series A)
Cloud-based remote robotic bio-lab
[Minicorn] Pillow (2014, San Francisco, $16.2M, Series A)
Software solution provider for vacation rentals
[Minicorn] SnapCard (2013, San Francisco, $8.6M, Series A)
Bitcoin wallet & payment processor
[Minicorn] Wyre (2013, San Francisco, $5.8M, Series A)
International money transfers using blockchain
[Minicorn] 7shifts (2011, Regina, $4.7M, Series A)
Online employee scheduling software
[Minicorn] BlockCypher (2013, Redwood City, $3.5M, Seed)
Cloud-optimized full blockchain nodes
[Minicorn] Hijro (2014, Lexington, $2.5M, Seed)
Software platform for cross-border B2B trade
[Minicorn] Cognito (2013, San Francisco, $2M, Seed)
Identity verification platform
[Minicorn] Hedgy (2014, San Francisco, $2M, Seed)
Marketplace for hedging contracts on the Bitcoin.
[Minicorn] Deepgram (2015, San Francisco, $1.9M, Series A)
Speech analytics API
[Minicorn] Stampery (2014, Madrid, $600k, Seed)
Stamp emails and files for proof of existence and ownership
Top Exits
Adam Draper
Founder & MD
Brayton
Williams
Founder & Partner
Jul 2016
Jul 2016
Epic Games gives out $80,000 with more Unreal Dev
Grants, VentureBeat
None
1
5
2
2013 2014 2015 2016 2017 2018
2
-
-
-
7
Undisclosed
Series C+
Series B
Series A
Seed5
2
2
-
-
US
Europe
Latam

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
83
Incubators
Debt Investors

HTC Corporation
84
VR Gaming > Investors > HTC Corporation

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
85
Incubators
Debt Investors

86
VR Gaming > Investors > Western Technology Investment

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
87
Recent News

Recent News (1/2)
89
VR Gaming > News > Recent News
Apr 2018
Magazine
Apr 2018
TPCAST Partners with Vertigo Games Delivering a Superior Arcade
Experience to VR users, PRWeb
Apr 2018 Steam's Privacy Changes Spell Doom for SteamSpy Tool, Ewoow
Apr 2018
Steam turns 150 million user accounts worldwide private, by
default, Diligent Media Corporation
Apr 2018 Steam Spy to shut over new privacy settings, Bit-tech
Mar 2018
Crytek releases Cryengine 5.5 alongside new royalties model,
mcvuk.com
Mar 2018
Mar 2018
DisplayLink Partners with Croteam to Showcase Serious Sam in
Wireless VR at GDC 2018, Business Wire
Mar 2018
Resolution Games reveals AR fishing game Bait! Under the Surface,
VentureBeat
Feb 2018
Horizon: Zero Dawn sales pass 7.6 million on its first birthday,
VentureBeat
Feb 2018
Steam is down again for Valve’s routine Tuesday maintenance,
VentureBeat
Feb 2018 Moss’s PSVR fairy-tale adventure launches February 27, abskillz
Feb 2018
‘Sairento VR’ Exits Steam Early Access Today, Launches on Oculus
Home, Road to VR
Jan 2018
Fireproof Games partners with NetEase to bring The Room Three
and Old Sins to Asia, Pocker Gamer
Jan 2018
AltspaceVR CEO joins Facebook months after selling his startup to
Microsoft, TechCrunch
Jan 2018 Rebellion acquires Leamington Spa studio Radiant Worlds, Develop
Jan 2018
Virtual reality company brings innovative tech to Marlborough,
Dec 2017 Minority Media bets on VR arcade games to survive, VentureBeat
Dec 2017
Virtual reality gaming comes to Marlborough's Apex Center,
Dec 2017
‘Waddle Home’ Interactive Puzzle Released for AR Platforms, Virtual
Reality Summit
Dec 2017 Race for the Galaxy launches Brink of War expansion, VentureBeat
Dec 2017
Crytek sues Star Citizen developer for breach of contract, copyright
infringement, Develop
Dec 2017
Grab Games: Reimagining esports behemoth League of Legends for
the AR age, VentureBeat

Recent News (2/2)
90
VR Gaming > News > Recent News
Dec 2017 Former employee sues Crytek Istanbul, GamesIndustry
Dec 2017
CRYCASH Announces Its Token Sale and Partners With Crytek,
Immediately Bringing Cryptocurrency to Millions of Gamers,
Newswire
Dec 2017
Resolution Games' Smash Hit VR Mini-game Collection
Wonderglade Now Available in the Oculus Store for Samsung Gear
VR, PR Newswire
Dec 2017
Owlchemy Labs unveils Vacation Simulator as its next VR title,
VentureBeat
Dec 2017
One of the world's biggest video game services, Steam, has stopped
accepting bitcoin because it's so volatile, Business Insider
Dec 2017 VR isn’t dead. It was just taking a nap, VentureBeat
Dec 2017 HTC supports Swiss start-up Apelab, Telecompaper
Nov 2017
Virtual Reality startup WarDucks to launch Greek mythology
rollercoaster game, StartUp Beat
Nov 2017
Facebook Spaces gets multiplayer fishing with Bait! Arctic Open,
Apple Glory
Nov 2017 Subdream Studios Acquires VR Plus, Etnews
Nov 2017 Steam Brings VR Gaming To Microsoft , ChannelNews
Oct 2017
CCP closes two studios as it shifts away from VR development,
Develop
Oct 2017
Shiver Me Timbers! Resolution Games Reveals Upcoming VR Pirate
Game ’Narrows’ Coming to Daydream, PR Newswire
Oct 2017 Steam finally offers digital gift cards, VentureBeat
Oct 2017 Microsoft Mixed Reality capture studio opens in London, Develop
Oct 2017
Double Fine unveils 70-game lineup for Day of the Devs indie
festival, VentureBeat
Oct 2017 Steam will support VR in very large rooms, Engadget
Oct 2017
Finnish developer PlayRaven partners with CCP for Eve mobile
game Project Aurora, Pocker Gamer
Oct 2017 Microsoft acquires social virtual reality app AltspaceVR, TechCrunch
Sep 2017
Dragon Front VR card game gets Facebook Gameroom 2D support,
VentureBeat
Sep 2017
Sneaky Bears VR developer WarDucks raises $1.5 million, Pocker
Gamer
Sep 2017
Swedish VR games studio Fast Travel Games collects $2.1 mln Series
A, PE Hub
Sep 2017
Catan GmbH, Catan Studio, Asmodee Digital and Experiment 7
Announce Catan VR™- VR Adaptation of Klaus Teuber's Board Game
Classic, Virtual Reality Reporter
Aug 2017 CCP launches fourth VR installment with Sparc , Northstack
Aug 2017 Game Veteran Invests In New Game Studio Hatrabbit, STING
Aug 2017 The Talos Principle is coming to iOS, Pocker Gamer
Aug 2017
Vegas to Debut First Free-roam Virtual Reality Arena at MGM Grand
Hotel & Casino, Business Wire

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
91
Explore more on Tracxn Platform
Index of Top companies by Market
Funded Deadpooled Companies

Explore more on Tracxn Platform
93
Companies
Companies Covered
Unicorns
Public Companies
Acquired Companies
Funded Companies
Investment Trends
Recent Investments
Mega Investments
Investment Trend
Markets
BlueBox
Taxonomy
News
Key News
Recent News
Company Stage
Angel Funded
Seed Funded
Early Stage (Series A/B)
Late Stage (Series C+)
Acqui-hires
DeadPooled
Investors Acquirers
Unicorn Investors
Most Active VC &PE Investors
Portfolio of Top Investor
Most Active Acquirer
VR Gaming > Appendix > Explore Sector on Tracxn Platform

Index of IPOs, Acquisitions, Unicorns, Soonicorns, Minicorns and Editor Picks in VR Gaming
Index of Top companies by Market (1/3)
94
VR Gaming > Appendix > Index of Top companies by Market
Developers
Experiences
Zero Latency (2014, Melbourne, $8M)
Free-roam Virtual Reality developer, operator,
licensor
Carthona Capital, Thorney Investment Group,
Contango Group and 2 Other Investors
Sequoia Capital, First Round Capital, Acequia
Capital and 6 Other Investors
Casual Games
Resolution Games (2015, Stockholm, $6M)
Creandum, Initial Capital, Bonnier Growth Media
and 5 Other Investors
Owlchemy Labs (2010, Austin, $5M)
Independent game development studio
Editor's Pick. Stage: Acquired
Qualcomm Ventures, HTC Corporation, Venture
Reality Fund and 2 Other Investors
Steel Wool Studios (2012, Oakland, $5M)
HTC Corporation
Casual Games
Roqovan (2014, Los Angeles, $4M)
Rothenberg Ventures, CRCM Venture, World
Innovation Lab and 1 Other Investors
Archiact Interactive (2013, Vancouver, $3.2M)
Virtual reality game developer & publisher
37Games
Solfar Studios (2014, Reykjavik, $2.6M)
Reaktor Ventures, Inventure, Shanda Group and 2
Other Investors
Cloudgate (2016, Aurora)
Game development studio focused on creating high
definition VR games and experiences

95
Developers
Casual Games
Flarb (2001, Los Angeles)
Development studio engaged in HoloLens, Mixed
Reality, AR, and VR games
Glitchers (2013, London)
VR games development company specialized in
arcade, adventure, and simulation games
The Campfire Union (2014, Winnipeg)
Game/ Web app development company
EVR Studio (2016, Seoul)
VR content and game development company
Editor's Pick. Stage: Funded
Altos Ventures Capital
Developer of VR Games
Karl Magnus Troedsson
Casual Games
Phaser Lock Interactive (2015, Austin)
Core Games
Video Games developer specializing in the
MMORPG and VR games
Minicorn. Stage: Series C
New Enterprise Associates, Novator Partners,
General Catalyst Partners and 2 Other Investors
reality devices
Minicorn. Stage: Series B
MGM Studios, Lux Capital, Shasta Ventures and 11
Other Investors
Force Field VR (2016, Amsterdam, $1.2M)
Developer of location-based VR experiences and VR
games
Grab (2009, Los Angeles)
Independent game developer

96
Developers
Core Games
IPO Date - Mcap -
IPO Mcap -
WSE F51 P/E -

Funded Deadpooled Companies
97
Excludes all details for Chinese companies
VR Gaming > Appendix > Funded Deadpooled Companies
View all 19 Deadpooled companies on Tracxn Platform
Funding Company Location
$5M Syntertainment Berkeley
$3.5M AfkVR San Francisco
$1.3M Colopl NI San Mateo
$1M MEK Entertainment Aliso Viejo
10tacle Studios Darmstadt
Index of Deadpooled companies in VR Gaming

Ashwani Singh
Lead Analyst
Shakun Banthia
Lead Analyst
Team
98
For research queries write to us at myanalyst@tracxn.com

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