Celebrities Contribute $30M To Virtual Concert Startup Celebrities Contribute $30M To Virtual Concert Startup
The virtual concert startup company Wave is on-the-rise, and just announced support from various celebrities, garnering $30 million in series B funding. According to... Celebrities Contribute $30M To Virtual Concert Startup

The virtual concert startup company Wave is on-the-rise, and just announced support from various celebrities, garnering $30 million in series B funding.

According to The Hollywood Reporter, the funding was led by Maveron with participation from Griffin Gaming Partners, Scooter Bruan, Alex Rodriquez, Superfly co-founder Rick Farman, and Twitch co-founder Kevin Lin. NTT DOCOMO Ventures, Avex, Superfly Ventures, Convivialite Ventures, and Raised in Space also contributed to the startup.

Wave co-founder and CEO Adam Arrigo noted in a statement that “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,” Arrigo said.

With $40 million to-date, Wave plans to go above and beyond regular concerts, broadening the entertainment space through gaming and social platforms. The company, founded by music and tech veterans, works with music labels, management companies, and independent artists to stage virtual shows. The concerts feature digital avatars.

Braun explained that he invested into the company because he wants “to work with today’s most forward-thinking leaders in music and technology.”

“The future of the industry depends on it,” Braun said. “Adam and his team at Wave are bringing these two very important industries to create transformative experiences for the next generation of concert-goers, with a refreshingly artist-first approach.”

As the live event industry remains halted amid the coronavirus pandemic, companies like Wave are rising to the occasion. Artists have begun to hold live streams and virtual shows in order to keep the spirit of concerts alive in a safe way.