FOV Ventures is a new venture capital firm that seeks to invest in metaverse enterprises in their early stages. According to the company, its first fund raised $18.1 million.
The venture capital firm, was founded last month by founding partners David Haynes and Petri Rajahalme with the goal of focusing on European-based metaverse firms. FOV Ventures describes itself as Europe’s go-to fund for ambitious founders launching a firm in the Metaverse, the Internet’s successor state and a trillion-dollar potential. “As a specialist fund, we invest at the earliest stage and attempt to contribute value through our domain expertise and worldwide network.”
The business typically makes first investments of up to €500,000 in pre-seed or seed stage European startups.
“We want to add value and collaborate as much as possible as a specialized fund. We are happy to lead rounds and bring in other angel investors at the pre-seed stage, or syndicate with other lead VCs at the seed stage”, says the company.
The company claims to have raised $18.1 million (€16.5 million) to date, with a target of $27.5 million (€25 million) for its first fund. The company expects to invest $274,000 to $550,000 (€250,000 to €500,000) in up to 25 pre-seed and seed stage businesses through the fund.
“Avatars and Identity,” “Retail and Digital,” “Immersive Social,” “Future of Work,” and “Tools and Infrastructure” are among the areas in which the corporation claims it wants to invest.
“The metaverse represents a significant expansion of today’s Internet,” according to the company, “growing more immersive, developed with new tools such as real-time 3D game engines, and crossing an increasingly blurred barrier between the virtual and physical worlds.”
The two founding partners, according to the company, have prior venture capital experience. Dave Haynes previously worked for Vive X, HTC’s virtual reality investment fund, and Seedcamp, a European startup capital business. Petri Rajahalme was the managing director of the Nordic XR Startups fund, where he was in charge of eight XR startups.
For MetaNews.