Cyberport VR/esports start-up VAR LIVE recently completed a Series A round led by Well-diversified Conglomerate, raising its valuation to HK$620 million.
The start-up is one of Hong Kong’s pioneers in virtual reality entertainment. It has more than 16 self-developed titles, including esports, racing, zombie shooting, adventure puzzle solving, and children’s games. In addition, VAR Live has developed a variety of hardware to deliver a fully immersive experience with auditory, visual, and kinesthetic 4DVR sensations. Its VAR BOX and VAR CUBE allow gamers to play in shopping malls, cinemas, and pop-up stores.
VAR Live will use the new funds to expand its global VR business beyond its current 12 countries and regions and more than 300 locations. The start-up intends to bring its operations to 20 countries and regions, sell more than 10,000 VAR BOXes, and reach 1.5 million active users. VAR LIVE also plans to organise more international VR esports competitions to grow the VR entertainment market.
Moreover, the start-up intends to leverage its strengths in Web3, XR, and AI to establish a presence in the metaverse, bringing VR esports and VR gaming to this new frontier.
