The AR VR market shifted hard after Apple's Vision Pro launch. Most investors now focus on enterprise applications and spatial computing infrastructure rather than consumer hardware. You'll find fewer pureplay AR VR funds and more traditional VCs writing checks for companies building tools, not toys.
Quick list
Andreessen Horowitz (a16z): Led Ready Player Me's $56M Series B in 2024 for avatar infrastructure across platforms.
Craft Ventures: Backed Mojo Vision's $51M Series B-1 in 2024 for AR contact lens development.
Khosla Ventures: Led Niantic's $300M raise in 2024 focusing on spatial computing platform.
Bessemer Venture Partners: Invested in Magic Leap's restructuring round in 2024 after enterprise pivot.
Index Ventures: Backed Nreal (now XREAL) through multiple rounds including 2024 follow-on for consumer AR glasses.
Spark Capital: Led PTC's $150M investment in Vuforia in 2024 for enterprise AR tools.
Lux Capital: Backed Varjo's $54M Series D in 2024 for professional-grade VR headsets.
Coatue Management: Led Sandbox VR's $37M Series A extension in 2024 for location-based VR.
Horizons Ventures: Invested in Meta's Reality Labs through strategic partnership deals in 2024.
Alumni Ventures: Backed multiple AR VR startups including $8M in Spatial in 2024.
Presence Capital: Pure-play VR fund that led investments in Clay VR and Arthur in 2024.
Bold Capital Partners: Backed Moth+Flame's Series A in 2024 for VR training platforms.
Venture Reality Fund: Specialized AR VR fund that invested in Glimpse Group portfolio companies.
Shasta Ventures: Led Owlchemy Labs acquisition strategy and VR gaming investments.
Vulcan Capital: Backed Pico Interactive through strategic rounds in 2024.
Finding investors who actually get spatial computing
Experience: Find investors who've backed companies through hardware-software integration challenges. Most VCs don't understand why AR VR burn rates are 2-3x higher than typical SaaS.
Network: Ask their portfolio companies about actual help with manufacturing partnerships or enterprise sales channels. Generic introductions to other portfolio companies won't help you scale production or land Fortune 500 pilots.
Alignment: Check if they've funded similar business models before. Consumer AR investors often don't understand enterprise sales cycles. B2B investors won't get why your consumer app needs 10M users before monetization.
Track record: Look at whether their portfolio companies raised follow on rounds. Dead AR VR portfolio companies are everywhere most funds wrote off their 2016-2018 VR bets.
Communication: Use Ellty to share your deck with trackable links. You'll see who actually opens your hardware roadmap versus just skimming the demo video.
Value-add: Ask what operational support they provide during manufacturing delays or SDK updates. Generic "we have a great network" answers are useless when your headset supplier misses delivery by six months
Getting their attention without warm intros
Identify potential investors: Research recent deals on Pitchbook or Crunchbase specifically in AR VR. Consumer VR funds won't lead your enterprise training round no matter how good your metrics are.
Craft a compelling pitch: Show monthly active users and session duration for consumer apps. Enterprise investors want to see contract values and deployment timelines. Most investors are tired of metaverse pitches without actual revenue.
Share your pitch deck: Upload to Ellty and send trackable links. Monitor which pages investors spend time on - if they skip your unit economics, that's useful information about whether they're serious.
Utilize your network: Message portfolio founders on LinkedIn and ask about response times and actual value add during hardware delays. Most will be honest about which investors ghost when things get hard.
Attend networking events: AWE (Augmented World Expo) and SVVR are where deals actually happen. Skip the small local VR meetups unless you're looking for angel checks under $100K.
Engage on online platforms: Connect with partners on LinkedIn after you've been introduced by portfolio founders. Cold DMs rarely work in AR VR since most funds are overwhelmed with metaverse pitches.
Organize due diligence: Set up an Ellty data room with your hardware specs, manufacturing timeline, and SDK documentation before they ask. It speeds up the process when they want technical validation.
Set up introductory meetings: Lead with your differentiation on optics or tracking technology. Don't waste 20 minutes on market size slides about the metaverse they've seen 100 times.
Why AR VR investing changed in 2025
Apple's Vision Pro launched in early 2024 and sold slower than expected. Most investors now focus on infrastructure and tools rather than consumer hardware. Enterprise applications in training, collaboration, and design are getting 70% of AR VR funding according to PitchBook data from Q3 2024. Consumer investments shifted to accessories and content rather than new headset companies. The shift happened because B2B customers actually pay $50-200 per user monthly while consumer apps struggle to charge anything.
15 active AR VR investors
1. Andreessen Horowitz (a16z)
They've been consistent in AR VR since 2016 and don't panic when consumer adoption is slow.
- Recent Deals: Ready Player Me ($56M Series B, 2024), Sandbox VR ($37M extension, 2024), Spatial ($25M Series A, 2023)
- LinkedIn: Chris Dixon
- Sector Focus: spatial computing infrastructure, avatar platforms, social VR, gaming
- Stage Focus: Series A, Series B, Series C
- Location: Menlo Park, USA
- Website: a16z.com
2. Craft Ventures
David Sacks' fund writes big checks for hardware-software companies in AR VR.
- Recent Deals: Mojo Vision ($51M Series B-1, 2024), Talespin ($15M Series B, 2023)
- LinkedIn: David Sacks
- Sector Focus: AR contact lenses, enterprise training, hardware infrastructure
- Stage Focus: Series B, Series C, growth
- Location: San Francisco, USA
- Website: craft.co
3. Khosla Ventures
Vinod Khosla bets on technical founders building spatial computing platforms.
- Recent Deals: Niantic ($300M, 2024), Varjo ($54M Series D, 2024), Magic Leap (undisclosed, 2023)
- LinkedIn: Vinod Khosla
- Sector Focus: spatial computing, AR platforms, location-based AR, mapping
- Stage Focus: Series B, Series C, growth
- Location: Menlo Park, USA
- Website: khoslaventures.com
4. Bessemer Venture Partners
They stuck with Magic Leap through the rough years and know AR VR takes longer than expected.
- Recent Deals: Magic Leap (restructuring round, 2024), Scope AR ($9.7M Series A, 2023)
- LinkedIn: Byron Deeter
- Sector Focus: enterprise AR, remote assistance, training, maintenance
- Stage Focus: Series A, Series B, growth
- Location: San Francisco, USA
- Website: bvp.com
5. Index Ventures
European fund that backed XREAL early and understands consumer AR glasses distribution.
- Recent Deals: XREAL (formerly Nreal) ($60M Series C extension, 2024), Synthesia ($90M Series C, 2023)
- LinkedIn: Danny Rimer
- Sector Focus: consumer AR glasses, AI avatars, spatial video
- Stage Focus: Series B, Series C, growth
- Location: London, UK & San Francisco, USA
- Website: indexventures.com
6. Spark Capital
They focus on platform plays and tools rather than hardware bets.
- Recent Deals: PTC Vuforia ($150M strategic, 2024), Scope AR (follow-on, 2023)
- LinkedIn: Nabeel Hyatt
- Sector Focus: AR development tools, enterprise platforms, industrial AR
- Stage Focus: Series B, Series C, growth
- Location: San Francisco, USA
- Website: sparkcapital.com
7. Lux Capital
They back deep tech and aren't scared of long hardware development cycles.
- Recent Deals: Varjo ($54M Series D, 2024), Mojo Vision (follow-on, 2024)
- LinkedIn: Josh Wolfe
- Sector Focus: professional VR, AR optics, display technology, sensors
- Stage Focus: Series A, Series B, Series C
- Location: New York, USA
- Website: luxcapital.com
8. Coatue Management
Large growth fund that writes $20M+ checks for proven AR VR companies.
- Recent Deals: Sandbox VR ($37M Series A extension, 2024), Niantic (follow-on, 2024)
- LinkedIn: Dan Rose
- Sector Focus: location-based VR, social AR, spatial computing platforms
- Stage Focus: Series B, Series C, growth, late-stage
- Location: New York, USA
- Website: coatue.com
9. Horizons Ventures
Li Ka-shing's fund makes strategic bets on AR VR infrastructure and platforms.
- Recent Deals: Meta Reality Labs partnerships (2024), Sandbox VR (follow-on, 2024)
- LinkedIn: Solina Chau
- Sector Focus: spatial computing, VR platforms, AR glasses, enterprise tools
- Stage Focus: Series B, Series C, strategic
- Location: Hong Kong
- Website: horizonsventures.com
10. Alumni Ventures
Syndicate that gives smaller investors access to AR VR deals with $500K-2M checks.
- Recent Deals: Spatial ($8M participation, 2024), Clay VR ($3M seed, 2024)
- LinkedIn: Michael Collins
- Sector Focus: spatial computing, VR collaboration, AR development tools
- Stage Focus: seed, Series A
- Location: Manchester, USA
- Website: av.vc
11. Presence Capital
Pure-play VR fund run by operators who built VR companies themselves.
- Recent Deals: Clay VR ($7M seed, 2024), Arthur ($15M Series A, 2023), Moth+Flame (follow-on, 2024)
- LinkedIn: Stuart Bryson
- Sector Focus: VR collaboration, training, enterprise software, social VR
- Stage Focus: seed, Series A
- Location: San Francisco, USA
- Website: presencecap.com
12. Bold Capital Partners
Canadian fund focused on immersive tech for enterprise applications.
- Recent Deals: Moth+Flame ($7M Series A, 2024), PIXO VR ($13M Series A, 2023)
- LinkedIn: Dan Rahmel
- Sector Focus: VR training, simulation, enterprise XR, industrial applications
- Stage Focus: seed, Series A
- Location: Toronto, Canada
- Website: boldcap.com
13. Venture Reality Fund
Specialized AR VR fund that's been active since 2016 with deep industry connections.
- Recent Deals: Glimpse Group portfolio investments ($18M aggregate, 2024), Talespin (participation, 2023)
- LinkedIn: Marco DeMiroz
- Sector Focus: VR training, AR enterprise, immersive content, XR infrastructure
- Stage Focus: seed, Series A
- Location: Menlo Park, USA
- Website: vrf.vc
14. Shasta Ventures
They backed Owlchemy Labs before the Google acquisition and understand VR gaming economics.
- Recent Deals: Resolution Games ($25M Series C, 2023), Rec Room (participation, 2023)
- LinkedIn: Rob Coneybeer
- Sector Focus: VR gaming, social VR, immersive content, consumer AR
- Stage Focus: Series A, Series B
- Location: Menlo Park, USA
- Website: shastaventures.com
15. Vulcan Capital
Paul Allen's fund makes strategic investments in AR VR hardware and platforms.
- Recent Deals: Pico Interactive (strategic round, 2024), Varjo (participation, 2024)
- LinkedIn: Chris Pittman
- Sector Focus: VR headsets, AR glasses, spatial computing, enterprise XR
- Stage Focus: Series B, Series C, growth
- Location: Seattle, USA
- Website: vulcancapital.com
Track which investors actually read your hardware specs
Upload your deck to Ellty and track each investor separately. Most founders don't realise investors skip their demo videos but spend serious time on unit economics. It's useful information when you're deciding who to chase for follow up meetings.
Common questions
How do I know if an investor is still active in AR VR? Check their portfolio page for deals dated 2024 or later. Many VR-focused funds from 2016-2018 stopped writing new checks after consumer adoption stalled.
Should I pitch consumer or enterprise investors for AR VR? Enterprise investors dominate AR VR now. Consumer funds want 1M+ monthly active users before they'll talk. If you're pre-revenue, focus on enterprise training or collaboration use cases.
What's the difference between seed and Series A for AR VR? Seed investors will fund pre-product with just demos. Series A investors want paying customers and proven unit economics. Hardware companies usually need $3-5M seeds versus $1-2M for software.
How many AR VR investors should I reach out to? Pitch 30-40 investors to get 3-5 serious conversations. AR VR has fewer active investors than other sectors so your list will be smaller than SaaS founders.
When should I set up a data room for AR VR investors? Set it up before your first meeting. Investors will ask for hardware specs, SDK documentation, and manufacturing timelines within 48 hours if they're interested.
Do investors actually care about which slides I view? Yes. If they skip your technology slides but read financials, they're treating you like a software company. If they spend time on your hardware roadmap, they understand the business model.
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