Summary:
Cosm, an immersive entertainment company, raised $250 million in funding.
The funding will expand Cosm's venues in LA, Dallas, and other cities.
Notable investors include Steve Winn, Marc Lasry, Dan Gilbert, and David Blitzer.
Cosm's "shared reality" experience combines theater-style seating and large screens for communal viewing.
Cosm partners with major sports leagues and entertainment brands, including the NBA, UFC, ESPN, and Cirque du Soleil.
Cosm's Immersive Entertainment Raises $250 Million - Sports Team Owners Invest in Shared Reality
Cosm, a company creating immersive entertainment experiences dubbed "shared reality," has secured $250 million in new funding. This investment will fuel the expansion of Cosm's venues in Los Angeles, Dallas, and other cities, while also strengthening their technology and media divisions.
Notable Investors:
The funding round includes existing investor Steve Winn (Mirasol Capital) and a roster of new investors, many of whom are known for owning professional sports teams:
- Avenue Sports Fund (led by former Milwaukee Bucks co-owner Marc Lasry)
- Rock (founded by Cleveland Cavaliers owner Dan Gilbert)
- Bolt Ventures (co-run by Blackstone partner and sports team investor David Blitzer)
- Investment firm Baillie Gifford
Expanding the Shared Reality Experience:
Cosm opened its first venue in Los Angeles at Hollywood Park last April. The space features a combination of permanent theater-style seating and wall-sized screens for communal viewing of sports, live events, and other programming, along with a more flexible event space. The venue is designed to offer an immersive and compelling experience.
The company has plans to open additional venues in Dallas at Grandscape and Atlanta's Centennial Yards.
Strategic Partnerships and Vision:
Cosm's CEO, Jeb Terry, stated that the company is "redefining the way the world experiences content" and that the new investors provide "invaluable insights and growth capital" to scale the business.
Content partners include the NBA, UFC, ESPN, NBC Sports, Turner Sports, Fox Sports, Cirque du Soleil, and various studios, artists, and creators.
A New Era of Entertainment:
Steve Winn commented on the significance of the funding, highlighting the five years of research and development invested in this "new form of experiential entertainment." He believes the strategic partnerships will propel Cosm's expansion into new locations.
Cosm was founded in 2020 with the acquisition of Evans & Sutherland, a pioneer in modern computer graphics, along with its subsidiary Spitz, Inc., and subsequent acquisitions of LiveLikeVR (now Cosm Immersive) and C360.
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