The virtual reality gaming market is expected to reach $45B/yr by 2027. The increased affordability of VR sets like Oculus’s Quest 2 will contribute to this massive growth. ForeVR, founded by two ex-Zynga employees, is seeking to capitalize on this trend with its VR-focused gaming studio. Emerging recently from stealth, the company’s first title, launching in early 2021, is focused on bowling and ForeVR plans to build new games that are based on popular games in real life.
LA TechWatch caught up with CEO and Cofounder Marcus Segal to learn more about the genesis of the company, its future product pipeline, first institutional round of funding, and much, much more…
Who were your investors and how much did you raise?
Pre-Seed $1.5M. Funders include Galaxy Interactive Fund, Presence Capital, Twitch cofounder and CEO Emmett Shear and cofounder Justin Kan, and Zynga founders Mark Pincus and Justin Waldron.
Tell us about your product or service.
The team aims to translate the most popular and classic IRL games into addictive and compelling games you can play with friends and family.
ForeVR Games is capitalizing on the accessibility and affordability of VR technology, the need for socially distant entertainment options and the nostalgia for group games.
How is it different?
Interactive and multiplayer for all ages and demographics. No barriers to entry to play and you can play with your friends and family anywhere in the world.
What market you are targeting and how big is it?
All ages and all markets.
What’s your business model?
Pay to play.
How has COVID-19 impacted the business?
We are all remote and everyone is excited about getting the game out into the wild.
What was the funding process like?
Having been at Zynga and on the VC side of things, we know a lot of people in the business who are interested in exploring VR gaming at the next level. Everyone we have talked to has been very enthusiastic.
What are the biggest challenges that you faced while raising capital?
That the game is still being built!
What factors about your business led your investors to write the check?
VR technology affordability and accessibility.
What are the milestones you plan to achieve in the next six months?
Get the bowling game built and raise another larger round.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Be laser-focused on the problem you are solving and approach the right people with a solid deck.
Where do you see the company going now over the near term?
As the leader in VR games.