VRChat grabs $4 million in a rare bright spot for social VR

Startup VRChat raised a $4 million Series A round of funding led by HTC. The money for the social VR startup comes in the wake of AltspaceVR running out of cash and the earlier closure of Convrge, though Altspace found a lifeline of sorts.

There’s still High Fidelity running strong and Linden Lab continues building Sansar, the successor to one of the longest-running virtual worlds, Second Life. Plus, social gaming space Rec Room raised $5 million earlier this year while BigScreen saw at least one person spending more than 1,000 hours in its screen-sharing service. It’s also important to note VR platform creators Valve turned its Home space into a social experience too and Facebook launched Spaces.