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Virtual Concert Startup Wave Raises $30 Million In Latest Funding Round

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Palms-based virtual concert startup Wave has raised $30 million in series B funding. The funding round was led by Maveron with participation from Griffin Gaming Partners and individuals including Scooter Braun, Alex Rodriguez, Superfly co-founder Rick Farman and Twitch co-founder Kevin Lin, as reported by The Hollywood Reporter.

Apart from concerts, the company has plans to use the investment to go into the broader entertainment experience space, including gaming and social. The latest funding round also included NTT DOCOMO Ventures, Avex, Superfly Ventures, Convivialite Ventures and Raised in Space, The Hollywood Reporter said.

Wave, specializing in interactive virtual entertainment experiences, uses broadcast technology to transform artists into digital avatars in real-time. It has raised $40 million to date.

In April this year, the company announced a series of virtual concerts called “One Wave” with John Legend and others. The company also entered into partnerships with Warner Music Group and Roc Nation.

To date, Wave has worked with more than 20 artists and hosted more than 50 Waves, including artist collaborations with Kill the Noise, TOKiMONSTA, Imogen Heap, REZZ, Jean-Michel Jarre and electronic violinist, Lindsey Stirling whose recent Wave was attended by over 400,000 people from across the world on YouTube, Twitch and Lindsey’s own Facebook page.

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