GREE VR Capital, the funding agency backing startups reminiscent of VRChat, TheWaveVR, and Littlstar, at present introduced the completion of its first immersive media fund, totaling $18.3 million in allotted funds. Previously known as GVR Fund, the corporate is now altering its identify to GFR Fund because it prepares for a second fund later this yr.

The fund has invested in 17 early stage firms over the course of its two-year existence, primarily within the North American VR/AR/MR market. According to a press launch supplied to Road to VR, the fund will probably be “actively searching for AR and MR startup firms for funding with a specific give attention to cell AR platforms, AR Cloud, shopper AR functions, and enterprise AR, together with AR glasses.”

GREE VR says the workforce is continuous with its give attention to serving to U.S. startup firms trying to attain out to Japanese traders and market leaders. The identify change, the corporate says, broadens the fund’s scope to extra than simply VR, placing extra emphasis on ‘frontier know-how’, a time period meant to embody VR/AR/MR.

“GFR invested in our Series A spherical and has been instrumental in serving to our firm develop each within the U.S. and Asia,” mentioned Tony Mugavero, co-founder and CEO of VR video streaming platform Littlstar. “They introduced us to Japan in 2016 and launched us to almost a dozen accredited traders, helped us safe Sony and others as new traders, and lined up a talking engagement for us on the Japan VR Summit. The connections and visibility that GFR was capable of deliver to us has been important in making Littlstar the success that it’s and has afforded us the chance to broaden into new markets.”

To date, the GFR Fund has invested in 17 firms, together with VRChat, SPACES, Sliver.television, Littlstar, Insidemaps, YBVR, Immersv, Experiment 7, TheWaveVR, Sturfee, InsiteVR, Streem, DottyAR, Upload and Torch3D. In addition to GREE, Colopl VR Fund, mixi, Inc., Maruhan, Yahoo Japan and Akatsuki are amongst Limited Partners (LPs) of the fund.

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This article sources data from Road to VR