Party Space raises $1M for metaverse-style virtual events

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Party.Space has raised $ 1 million to upscale its business with metaverse-themed virtual events.

The company will use the money to scale its sales, explore new applications, launch its first metaverse setting for virtual events and create a collection of non-fungal tokens dedicated to the purpose.

Metaverse is the fabled universe of virtual worlds, all of which are interconnected, as in novels such as Snow Crash and Ready Player One. And almost everyone in the world wants to be the first to draw consumers to their version of the metaverse.

Yurii Filipchuk, founder of Party.Space, said in an interview with GamesBeat that he got started on the project when his friend said during the pandemic that party chat needed an upgrade because it was so boring to communicate with people via text . The company started in May 2020.

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Above: You can see real faces on Party.Space’s avatars.

Image credit: Party.Space

Corporate events are increasingly moving online, not only to connect people during the pandemic, but to save money on the cost of events at physical venues. The key is to get people engaged enough to hold on to them.

“It’s important to talk to your colleagues outside the office or at least at the water cooler,” he said.

Filipchuk said his company can tell corporate customers analytical details about how long people stay, how they behave, what types of groups they form, and what kind of content they prefer.

“We can provide all the data that is very important for businesses and for content providers to do better,” Filipchuk said. “We can create 3D spaces, and we have a gallery with 11 different kinds of venues for corporate and community events.”

People can play board games like Pictionary with each other. Such games can serve as icebreakers for strangers. Filipchuk refers to the platform as more of a micro-revolution or a small experiment that demonstrated the power of online communities.

“It’s a virtual event platform that is between games and virtual events,” Filipchuk said.

The financing

Above: Party.Space can create custom venues for 3D events.

Image credit: Party.Space

The financing comes from TA Ventures, Day One Capital and Hjalmar Windbladh.

“Our venture fund was impressed with the project team: the level of technology specialists and the speed of the party. Space’s product is significantly higher than other projects in virtual space, ”says Igor Pertsiya, partner at TA Ventures. “Once you’ve hosted an event on their platform, you’ll better understand the idea of ​​metaverse – an alternative digital reality where people work, play and socialize.”

Party.Space aims to create a sense of presence where companies with large teams can come together and communicate and collaborate.

Some of the company’s customers include Scaleway, Wargaming, Grammarly, Epidemic Sound, Plug`n`Play, Scania and DevGamm. The Epicdemic Sounds event made people stay on average for three hours and seven minutes.

Above: You can use emojis in Party.Space.

Image credit: Party.Space

“It’s quite impressive for this community to have people stay in front of their computers for more than three hours,” Filipchuk said.

They started creating assets for various activities and generated ways for people to display their photos. They uploaded some memes and emojis so people could use them to communicate with each other.

“Then we started hosting after parties for virtual events,” Filipchuk said.

The company created features that could appeal to remote teams that have struggled to make more than just video chats during the pandemic. Some customers asked Party.Space to be more ambitious and create virtual venues that could accommodate 5,000 people.

“We created this idea that we should just be able to move in bubbles that identify you,” Filipchuk said. “We developed it so that each web page is a separate space for conversations.”

They created rooms with tables where people could sit with each other and socialize. Late last year, one organizer hosted an event that lasted 130 minutes and 75% of all visitors actively participated in various fashion activities. The most popular room so far was a musical bingo room with more than 500 people. About 70 people lined up to be the one in the spotlight during the music event.

“It was quite complicated. A very important part was that we provided the customer with analyzes, ”said Filipchuk.

For the time being, the focus will be on large corporate events with access via laptops or desktops.

The company is based in Kiev, Ukraine, and has 23 employees.

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