Bilbao-based All Iron Ventures has participated in a €3 million Seed round of funding for Virtex, the creator of the world’s first virtual esports stadium, Virtex Stadium. The company combines the best of both worlds: creating the most exciting experience in esports and bringing fans closer to the game.
The round was supported by institutional investors like Global Founders Capital, All Iron Ventures, Sure Valley Ventures, and Graph Ventures, as well as prominent angel investors such as Mario Götze, Andre Schürrle, and the founders of XL Esports.
The financing round coincides with a notable partnership with Meta and Echo VR. The fresh capital will be used to continue the company’s growth, expand its team and establish its presence through similar partnerships. The founding team, passionate about the esports industry, sees their platform as a transformative layer that others in the space can build upon.
“I’ve been a part of the esports industry for the greater part of the last decade, and during this time I’ve worn many hats, from fan to player, team owner to on-air talent and production,” explains Tim Mcguinness, Co-Founder, and CEO of Virtex. “Through my proximity to and passion for the growing industry of over five hundred million fans, I’ve gained a deep understanding of what those passionate about esports are looking for from their community. With this funding and our continued growth, I’m confident that the value of this billion-dollar industry will continue to grow, at all levels of the ecosystem, as fans and players alike will have new platforms to connect and grow upon.”
Monetization in esports is recognized as a tremendous obstacle, and so Virtex prioritized advancing the industry by eliminating barriers and empowering esports content creators with a new, free, immersive, audience channel.
Virtex removes the limitations of the real world to redefine the esports and sports fan experience, allowing experimentation and innovation to help create unforgettable live shows and events. The Virtex Stadium platform has created an entirely new medium to provide engagement with esports where fans can view the gameplay live in 3D in the center of the stadium. Fans can even jump from their seat right into the game and follow their favorite players in real-time as the action unfolds.
Monetization in esports is recognized as a tremendous obstacle, and so Virtex prioritized advancing the industry by eliminating barriers and empowering esports content creators with a new, free, immersive, audience channel. The platform offers new revenue streams in a more meaningful context, for instance, a virtual avatar jersey is more meaningful in a virtual stadium than standalone in a digital wallet.