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Virtual concert firm Wave raises $30m in funding

Series B round will fund "in-game activations and social experiences at the nexus of gaming and entertainment"

The virtual concert startup Wave has raised $30 million in a series B round of funding.

This round takes the Los Angeles-based firm's lifetime funding to $40 million. It was led by Maveron, with contributions from Griffin Gaming Partners, NTT Docomo Ventures, Avex, Superfly Ventures, Convivialite Ventures, and Raised in Space.

Wave works with labels, managers and artists in the music industry to create interactive, digital experiences that serve as platforms for their performances.

While nominally part of the music industry, Wave's area of focus is an emerging trend within video games, thanks to popular and lucrative performances by DJ Marshmello and Travis Scott in Epic Games' Fortnite.

A statement released by Wave said the funding would "elevate Wave's creation of personalized artist avatars, new virtual environments and formats, and interactive experiences, including in-game activations and social experiences at the nexus of gaming and entertainment."

The company also has plans to expand into Asian markets, specifically Japan and China.

Yesterday, GamesIndustry.biz published an in-depth report on the intersection of the music industry and video games, to which Wave was a key contributor -- you can read that article here.

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Matthew Handrahan

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Matthew Handrahan joined GamesIndustry in 2011, bringing long-form feature-writing experience to the team as well as a deep understanding of the video game development business. He previously spent more than five years at award-winning magazine gamesTM.