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Citic Guoan Invests $20M in NextVR

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Citic Guoan Invests $20M in NextVR

Chinese investment group CITIC Guoan has invested $20 million buying a stake in U.S.-based virtual reality broadcaster NextVR.

CITIC Guoan, part of the gigantic state-owned CITIC group, is known in entertainment circles for having backed former Disney boss Dick Cook in his Dick Cook Studios venture.

CITIC Guoan bought Class B shares representing 2.3% of NextVR’s total equity. NextVR is currently seeking $80 million of fresh capital. The deal helps to underpin its $800 million valuation. Last year it raised $35 million in two investment rounds led by Vectr Ventures and Formation8 Partners.

CITIC Guoan, which reported the deal to Chinese stock markets in a regulatory filing, said that the investment would give it direct connections to leading technology and personnel in the VR sector.

The deal is part of the NextVR’s latest financing round led by Formation Group, targeting to raise $80 million. NextVR intends to not only expand its business but to also improve its channel development and optimization of virtual reality live technical transformation projects.

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