Tower 26 Venture Fund Raises $50M for VR Games, Metaverse: Report

The fund is led by a veteran game investor, and former studio executive Jon Goldman.

AccessTimeIconApr 21, 2022 at 10:54 a.m. UTC
Updated Apr 21, 2022 at 3:06 p.m. UTC

Despite the early fumbles of the virtual reality (VR) market, there’s enough new momentum in the sector to spin up a new $50 million fund to invest in VR opportunities alongside the metaverse, said Jon Goldman, an experienced game investor and former studio executive.

  • In a VentureBeat report, Goldman said his new fund will focus “mostly on VR gaming” but also the metaverse. The fund is named after the Tower 26 lifeguard tower in Venice, California.
  • Goldman said blockchain games are “interesting,” but it won’t be the primary focus of the fund.
  • Goldman was the founder of Foundation 9 Entertainment, which created games based on “Star Wars,” “The Matrix,” “The Simpsons” and “Lord of the Rings”.
  • This is the second gaming fund for Goldman after the GC Tracker Fund, which was a $15 million fund for seed investments in gaming VR and AR.
  • The GC Tracker Fund launched in the early days of VR gaming, and most of the companies in the fund did not survive the “trough of disillusionment” after VR failed to take off in 2016.
  • Goldman said that only 30% of the VR fund is still viable.
  • In the time since, the number of VR headsets owned by the public has hit approximately 3 million and the playtime has increased significantly but VR still remains a niche form factor for gaming.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
Former JPMorgan Banker Samir Shah Becomes COO at Pantera Capital

Shah joins Pantera after 12 years at JPMorgan spanning roles in sales, strategy and digital.

CoinDesk - Unknown
CoinDesk - Unknown
First Mover Asia: Bitcoin Rebounds Past $20K; China’s Blockchain Revolution Is Missing On-Chain Data

Ether and most other major altcoins regain ground they'd lost in last week's downturn; China companies seem unconvinced by blockchain technology.

CoinDesk - Unknown
CoinDesk - Unknown
NFT Platforms Should Be Caught by EU Money-Laundering Overhaul, Lawmakers Say

Unhosted wallets and decentralized finance were left largely unscathed by two landmark crypto laws agreed to last week, but left-wing lawmakers may seek another go as they discuss dirty-money rules.

CoinDesk - Unknown
CoinDesk - Unknown
Bitcoin se recupera y supera los $19K; Nomura advierte de una recesión en EE. UU. y Reino Unido

Nomura escribió acerca de una recesión en la eurozona, el Reino Unido y Asia Pacífico, lo que podría influir en los precios de las criptomonedas.

CoinDesk - Unknown