While the virtual reality (VR) industry has certainly seen continued strong funding, ongoing development and attracting talent requires increasing amounts of investment. That is at least part of why Kaleidoscope has launched a VR fund intended to help independent creators and studios raise money for their projects.
Exclusive Chance for First Look Projects
The invitation-only marketplace is limited to only 500 members, making it a very exclusive club to be a part of. Industry leaders can get a first look at new videogames, movies, and other projects that are available for partnership, licensing, and other opportunities. Some of the exclusive projects that will be available come from lauded companies such as Tribeca, IndieCade, and Sundance Film Festival.
Those who are interested in being part of the 500 lucky members will be required to apply and are then hand-selected by a team. The cost of membership is $199 a month, but that doesn’t seem to be dissuading anyone. Of course, that may be due to the many services available to members, including custom bundling, introductions, and curation, which will help companies grow their VR offerings.
Kaleidoscope has identified about 120 sources of potential funding, pointing at companies like Google, Facebook, IMAX, HTC, and Viacom. These companies are already building VR software, hardware, arcades, platforms, and distribution platforms. They exist as the perfect vehicle to bring VR even more into the mainstream where it can grow and prosper.
CEO and co-founder of Kaleidoscope, Rene Pinnell, says, “The biggest challenge to the future of virtual reality is funding. And we want to solve that problem. It’s a chicken-egg situation. Artists need funding to make killer content and funders need to prove there is a massive consumer market in order to justify their investment.”
So where better to prove that than a platform that can give both of those things in spades?
This isn’t the first project the team at Kaleidoscope has been involved in. Before the official launch of this modern VR fund, Kaleidoscope secured three million dollars for projects like Apex, Mad God, and Testimony, along with many projects in development and not yet announced.
Regarding the need for future funding, Rene Pinnell explains, “It takes 12 to 24 months to produce high-quality VR films, games, and experiences. We need to fund projects today so that when the next generation of hardware is released we have a deep library of amazing content ready to go. Only then will the industry take off.”
Programs like Kaleidoscope’s will provide funding for more quality content that future consumers will want. This is integral in a world where new VR may quickly catch up and become much less clunky and more utilized. In fact, one company well known in the business, speaks to that.
“Kaleidoscope has been an invaluable partner to Oculus in discovering and working with emergent VR creators,” said Colum Slevin, head of experiences at Oculus, in a statement.
It’s definitely a good start for a business that may be on the edge of booming.