LA-born startup TRIPP doesn't want the metaverse to be a shopping mall for virtual consumers.
A metaverse experience that can deepen connection to self, facilitate mental well-being and enable personal and collective transformation is what the company is imagining.
The vision for a mindful metaverse is already a virtual reality that can be accessed through multiple platforms and devices. This includes augmented reality and virtual reality headsets, as well as smartphone apps that are collectively referred to as extended reality. In the same way that lots of devices came together into our phones, Reeves expects mobile, augmented and virtual reality to eventually converge.
If this sounds abstract, look no further than EvolVR, the virtual reality community whose acquisition was disclosed last February. Group meditations can be experienced live on a number of platforms.
The product itself offers a range of experiences, from breathing exercises and binaural audio to guided visualization and worldscapes, some of which users can modify through the Composer feature.
The company said that the acquisition will enable users to further personalize their TRIPP experience, explore artworks and soundscapes while connecting with users from across the globe.
Before founding TRIPP, Reeves worked in several senior roles in the video gaming industry and is focused on creating a full experience that goes beyond watching and listening. The employee who was originally working on Eden as a side project was surrounded by talent that also shares her vision.
The acquisition is funded by an $11.2 million Series A extension led by BITKRAFT. Other participants include Amazon, which has been backing TRIPP for a while, as well as an existing investor, which has been backing Pokémon GO maker Niantic. Indeed, the firm participated in a $4 million capital injection into the startup in 2017, before co-leading its Series A round in mid-2021.
The round began with a message from BITKRAFT, followed by an offer she couldn't refuse. She talked about how excited she was about having new investors willing to support TRIPP in broadening its reach across multiple platforms. It didn't hurt that they came from gaming, immersive technology and web3 as the company hopes to engage with creators.
The decision to take this extension capital despite having money left from its last round is in line with a lot of the advice we have been hearing from investors. In the current downturn, Y Combinator told its startups that extending the runway should be a priority.
TRIPP is not in a position where it needs to cut costs, but it is still hiring.
The focus on mental well-being in the metaverse is timely. The metaverse shouldn't be another place to be groped and harassed. Mental health is looking bleak. The prevalence of anxiety and depression increased by 25% in the first year of COVID-19 according to the World Health Organization.
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