A new VC fund called FOV Ventures is planning to invest €25m in metaverse-focused startups, and it has been co-founded by a familiar face to the digital music industry.
Dave Haynes was VP of businss development at SoundCloud from its earliest days, and also co-founded the Music Hack Day initiative. Since then he’s been working in the virtual reality world at TheWaveVR and HTC’s Vive division, but now with FOV Ventures he’ll be investing in a new wave of startups.
Sifted reported that the €25m fund will be looking for companies creating games and experiences in the metaverse – music concerts included – as well as ‘camera commerce’ augmented-reality shopping tech, and enterprise metaverse services.
Haynes said that FOV will be timing its investments carefully. “It’s knowing which are the areas that are going to happen immediately versus those that will take longer to play out,” he told Sifted. “We’d invest in a developer tool for people to build AR experiences, but we probably wouldn’t invest in a company that really relied on consumer AR glasses to come to the market.”