Featured image credit: Cosm
Cosm, an experiential media and immersive technology company, has raised over $250m (£195m/€232m) in funding to accelerate the development of its ‘shared reality’ venues globally.
The company’s latest round of funding includes existing investor Steve Winn and Mirasol Capital, and also welcomes new investors such as Avenue Sports Fund led by Marc Lasry, Dan Gilbert’s ROCK, Baillie Gifford, and David Blitzer’s Bolt Ventures.
Lasry previously held a stake in the Milwaukee Bucks NBA team. Cosm said the funding will drive the long-term growth of its venues, as well as its technology and media business units.
Cosm recently opened its first fan-facing venue at Los Angeles’ Hollywood Park and will open a facility in Dallas, Texas later this year. Last week, the company announced plans for a third venue at Atlanta’s Centennial Yards.
Winn, who serves as Cosm’s chairman, told Bloomberg that the company plans on opening 50 venues by the end of the decade, with New York, Miami and Las Vegas being scouted as potential locations.
Jeb Terry, president and chief executive of Cosm, said: “We’ve aligned with the real estate community, with three premium locations in North America and a fast-growing waitlist of developers interested in bringing Cosm to their cities. We’ve opened our first venue in Los Angeles to an overwhelmingly positive response from the local community and fans experiencing shared reality for the first time.
“Now, as Cosm continues to push boundaries, we are bringing on new financial partners, all of whom carry the strategic weight to match their investing acumen, providing invaluable insights and growth capital that will help us achieve our biggest vision and aggressively scale the business.”
Winn added: “We couldn’t be more pleased with the progress that Jeb and his team have made launching Cosm in Hollywood Park. This is the culmination of five long years of research, development, and investment in a new form of experiential entertainment. Adding strategic and financial partners makes great sense to help fuel rapid expansion into other locations now that fans can experience the electrifying Cosm experience.”
Cosm was founded in 2020 with the acquisition of technology company Evans & Sutherland, along with its subsidiary Spitz Inc and the subsequent follow-on acquisitions of LiveLikeVR (now Cosm Immersive) and C360.
Programming at Cosm’s venues includes live sports offerings through official partnerships with the NBA, UFC, ESPN, NBC Sports, TNT Sports and Fox Sports.
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