VCs give failed AR startup Meta a do-over with new CEO, corporate entity
Curated by: Startups
AR startup Meta’s original investors might have been screwed by the company’s collapse and fire sale, but a pair of VC firms are giving the brand another shot with a new corporate entity and CEO that the new backers hope will lead to a less abysmal outcome.
Meta Company is now Meta View, “a wholly new and unaffiliated entity.”
Meta v1’s not-so-differentiated approach to the AR market led it into trouble competing with teams from Magic Leap and Microsoft that were more focused on new technologies, though Meta was also well-financed with some $73 million in funding raised, according to Crunchbase. The issue came as the company burned through that cash with the expectation that more was on the way. The unexpected dissolution of a $20 million funding round sunk the company and left it scrambling.
Ultimately, the company’s assets were sold months ago — for “less than the bank was owed” — to a mystery buyer that we now know was Olive Tree Ventures .
This isn’t the most conventional investment for Israel-based Olive Tree Ventures. One would imagine a deal like