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Wave Closes a $30 Million Series B Funding Round, Aims to Make Virtual Concerts More Immersive
"The added support from several new strategic partners shows the entertainment industry is looking for new, interactive ways to connect with today's digital generation," commented Wave CEO and co-founder-founder Adam Arrigo
FREMONT, CA: Wave, a Los Angeles-based startup in the business of monetizing, developing, and distributing virtual concerts, raised a $30 million Series B funding round. The funding round was led by Seattle VC firm Maveron, with active participation from Griffin Gaming Partners, entertainment executive Scooter Braun and Major League Baseball legend Alex Rodriguez.
Wave intends to use the proceedings of the round to accelerate the growth of its live virtual entertainment platform and expand its business into Japan, China, and other countries. Wave collaborates with management companies, music labels, and independent artists to help host virtual concerts with digital fan avatars.
"We expect to see rapid advancement in the online capabilities of digital concerts from low budget streams to truly spectacular, culture defining events. Wave has the opportunity to become the gold standard by which all online live concert experiences are compared," Maveron wrote in a blog post.
Wave has thrown over 50 events, with some hosting up to 400,000 people at a time. Adam Arrigo, CEO and co-founder of Wave, is a music tech veteran and former game designer, sound designer, and product leader who launched Wave with Aaron Lemke. The company has raised total funding of $40 million to date. Other backers include Avex, NTT DOCOMO Ventures, Superfly Ventures, Raised in Space, Convivialite Ventures, RRE Ventures, Upfront Ventures, GFR Fund, The Venture Reality Fund, and GC Tracker Fund, Superfly co-founder-founder Rick Farman, and Twitch co-founder-founder Kevin Lin.
"It's a privilege to be supported by such distinguished investors like Maveron and Griffin Gaming Partners, who have funded breakout consumer businesses. The added support from several new strategic partners shows the entertainment industry is looking for new, interactive ways to connect with today's digital generation," Wave CEO and co-founder-founder Adam Arrigo said in a statement.
The startup is also releasing its "One Wave" concert series. This series recently featured a virtual performance by Tinashe, which raised over $20,000 for The Bail Project. John Legend has also paired with Wave for his own "One Wave" performance.
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