AltspaceVR, a Redwood City, Calif.-based provider of a social platform for virtual reality, is shutting down.
According to a blog post, the company is closing down on August 3rd, 7PM PDT given unforeseen financial difficulties. The venture-backed startup could not close a new funding round, given the general slowness of VR market growth which made most of its investors (Comcast Ventures, Dolby Family Ventures, Lux Capital, Maven Ventures, Promus Ventures, Raine Ventures, Rothenberg Ventures, Streamlined Ventures, Tencent, Western Technology Investments, Formation 8, Foundation Capital, Google Ventures, Haystack Fund, and SV Angel.) reluctant to fund it further.
The post explains further that the closure does not depend on the product, which is currently used by approx. 35,000 people every month.
Founded in 2013 by Eric Romo, CEO, AltspaceVR provided a social platform for virtual reality enabling people from around the world to meet and play games, and attend free live events in VR.