Jimmy Iovine, Maverick Carter lead $15 million investment in Yoom
Yoom, a volumetric capture and immersive content company, has closed a $15 million funding round with participation from Jimmy Iovine and Maverick Carter.
Why it matters: Yoom's funding is the latest example of investor dollars flowing into companies that are trying to stake early claims to their piece of the metaverse.
- "We have way more brand engagement and sports and entertainment going into gamified environments and becoming more and more closer to the real world," Yoom's CEO Gilad Talmon tells Axios. "That's the field that we're playing at."
Details: The round also included investment from Finneas O'Connell, Darkroom CEO Justin Lubliner, Main Street Advisors CEO Paul Wachter and previous investors Insight Partners, Marc Rowan and Aaron Stone.
- Stone will be Yoom's first non-founder chairman.
- The company is rebranding from its former name, Tetavi, when it was more of a research-driven deep tech company. The company started to seek commercial partnerships following a $20 million investment led by Insight Partners last summer.
- The current funding round will go toward expanding head count and partnerships. It will also go toward production, R&D and mobile app development.
The big picture: Yoom is focused on creating metaverse content for entertainment, gaming, sports and pop culture. But its biggest push will be in music, Gilad says, adding that the company is in talks with brands and festivals.
- Yoom has worked with DJ Paul Oakenfold on his metaverse project "Perfectoverse."
- It also struck a metaverse partnership with the Los Angeles Kings and is in talks about a broader NHL partnership.
What's next: Gilad said he wants to do what Epic did for gaming developers with its Unreal Engine.
The bottom line: "Across industries, we will see more brands and audiences turn to the metaverse and usher in the next era of brand and talent engagement," Iovine said in an emailed statement to Axios.