Bigscreen, a California-based start-up behind one of the most popular virtual reality apps in the world, has raised $11 million in Series A funding to accelerate the development and expansion of its social platform.
The round was led by True Ventures with participation from Andreessen Horowitz. Along with the $3 million raised earlier this year through a seed funding round, Bigscreen has now secured a total of $14 million.
Created in 2014 and released in 2016, Bigscreen is a social VR app which allows users to socialise or hang out in virtual spaces including offices, living rooms and cinemas where they can work, play games and watch films together. The platform is currently available on the Oculus Rift, HTC Vive and any Steam VR headset, and will soon be launching on Microsoft’s VR headset platform.
In a blog post announcing the funding round, founder and CEO Darshan Shankar revealed that Bigscreen now has more than 250,000 registered users, with its most active users spending between 20 an 30 hours in the app per week.
“Based on usage and user reviews, Bigscreen is now one of the most popular VR apps in the world,” he wrote. “Bigscreen has become a killer app for VR and we’re just getting started.”
As for the investment, Shankar says the company had spent “very little” of its $3 million seed financing and “didn’t need to raise additional funding”. However, it will now focus on growing its team, improving the product and expanding the platform to more VR and AR devices.
He wrote: “Although VR may appear like a “silly, expensive toy for gamers” today, VR/AR is the next computing medium. In the next decade, VR/AR devices will be lightweight, affordable, stylish glasses.
“Eventually, all of our day-to-day computing activities–web browsing, word processing, movie watching, and gaming–will occur inside immersive VR/AR headsets.”