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

October 12, 2021

Party.Space has raised $1M to scale up its metaverse-themed virtual events business. The funding comes from TA VenturesDay One Capital, and Hjalmar Windbladh.

Party.Space is a platform featuring three-dimensional virtual corporate and themed parties, celebrations, seminars, afterparties, and gaming activities.

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 nonfungible tokens devoted to the purpose.

Yuri Filipchuk, Dmytro Zavada, and Arthur Ostapenko co-founded the company during the pandemic when all communication moved online.

Party.Space allows creating separate virtual spaces for corporate events. The startup solves the problem of team communication in a remote work environment through gamification of meetings, video communication, and 3D. Now the project has 11 types of virtual spaces for different types of virtual events. In addition, Party.Space analyzes how long people stay at the event, their behavior, who they communicate with, and what content they prefer.

Among Party.Space’s clients are Scania, Wargaming, Grammarly, Epidemic Sound, Plug’n’Play, and DevGamm. At the Epidemic Sound event, the average user interaction time in the virtual room was three hours and seven minutes.

After closing the round, the Party.Space team will launch its first metaverse setting for virtual events and create a collection of NFT devoted to the purpose.