Strategic growth round will accelerate Cosm’s plans to scale its category-defining venues, technology sales, and media initiatives
LOS ANGELES, July 31, 2024 /PRNewswire/ — Cosm, a leading immersive technology, media, and entertainment company, today announced the successful raise of over $250 million in funding to drive long-term growth of its “Shared Reality” venues as well as its technology and media business units.
Cosm’s latest round of funding includes existing investor Steve Winn and Mirasol Capital and welcomes new investors Avenue Sports Fund led by Marc Lasry, Dan Gilbert’s ROCK, Baillie Gifford, and David Blitzer’s Bolt Ventures.
With the recent opening of its first venue in Los Angeles at Hollywood Park, Cosm will use the new capital to scale operational excellence, grow its robust technology and media business units, and accelerate the development of additional venues globally. Cosm’s second venue is slated to open later this year in Dallas at Grandscape and the company last week announced the location of its third venue in Atlanta at Centennial Yards.
“Cosm was created to redefine the way the world experiences content, and over the past few years we have been building the foundation of the business and growing the team necessary to achieve that vision,” said Jeb Terry, President and CEO of Cosm. “We’ve been establishing a robust portfolio of content partnerships with the NBA, UFC, ESPN, NBC Sports, Turner Sports, FOX Sports, Cirque du Soleil, content studios, artists, creators, and more. We’ve aligned with the real estate community, with three premium locations in North America and a fast-growing waitlist of developers interested in bringing Cosm to their cities. We’ve opened our first venue in Los Angeles to an overwhelmingly positive response from the local community and fans experiencing Shared Reality for the first time. Now, as Cosm continues to push boundaries, we are bringing on new financial partners, all of whom carry the strategic weight to match their investing acumen, providing invaluable insights and growth capital that will help us achieve our biggest vision and aggressively scale the business.”
“We couldn’t be more pleased with the progress that Jeb and his team have made launching Cosm in Hollywood Park,” added Steve Winn, CEO of Mirasol Capital. “This is the culmination of five long years of research, development, and investment in a new form of experiential entertainment. Adding strategic and financial partners makes great sense to help fuel rapid expansion into other locations now that fans can experience the electrifying Cosm experience.”
Cosm was founded in 2020 with the acquisition of Evans & Sutherland, one of the most innovative technology companies in the history of modern computer graphics, along with its subsidiary Spitz, Inc., and the subsequent follow-on acquisitions of LiveLikeVR (now Cosm Immersive) and C360. Today, the company draws on its collective 75-year experience in technological innovation to usher in the next generation of entertainment through Shared Reality – a category-defining experience that seamlessly bridges the virtual and physical worlds by merging state-of-the-art visuals with the energy and excitement of the crowd and elevated food and beverage service. At Cosm, fans feel like they are sitting courtside, inside the octagon, standing on the sidelines, or cheering from the front row at the most sought-after events from around the globe.
Programming at Cosm’s venues include live sports offerings through official partnerships with the NBA, UFC, ESPN, NBC Sports, TNT Sports, and FOX Sports, which allow fans to experience live productions of UFC, English Premier League soccer, college football and basketball, the NBA, NHL, premium horse racing events, US Open Tennis, select U.S. Men’s and Women’s National Soccer Team matches, and more, all in Shared Reality.
In addition to live sports, Cosm’s programming features art and entertainment experiences, including Cirque du Soleil’s timeless production “O” and immersive projects from members of the Cosm Studios Creator Program, including award-winning new media artist Nancy Baker Cahill; filmmaker, director, and co-founder of Planetary Collective Guy Reid; renowned DJ and artist Chris Holmes; and acclaimed composer and new media artist Ricardo Romaneiro.
“Avenue Sports Fund is thrilled to invest in Cosm, which has built a special business on a base of innovative technology that allows for the reimagination of the live experience for sports programming and a range of entertainment offerings,” said Marc Lasry, Chairman, CEO, and Co-Founder of Avenue Capital Group. “There is a spectrum of growth opportunities before Cosm and we look forward to partnering with their team in realizing the broad promise of their unique ability to make fans feel like they have the best seat in the house at the most sought-after events taking place around the world.”
“We place a great deal of emphasis on identifying and investing in innovation and technology that brings progress, new experience, or meets a very specific need to our world,” said Dan Gilbert, Founder and Chairman of ROCK. “Cosm continues to redefine how consumers experience entertainment by merging the virtual and physical world in ways never imagined before. We know first-hand through our Rock Entertainment Group properties, Cleveland Cavaliers, and Rocket Mortgage FieldHouse how dynamic a positive, technology-based experience is to a customer. We look forward to working alongside the impressive team at Cosm to advance the impact we have on those who engage with sport and entertainment.”
“Cosm venues are a new paradigm in live sports, music, and artistic entertainment,” added Chris Evdaimon, Investment Manager at Baillie Gifford. “The mesmerizing viewing experience guarantees the Cosm customer the best seats in the arena and the best viewing angle at any moment of the live event, at an affordable ticket price. We see the potential for there to be a Cosm venue in every major US city in the coming years, and beyond.”
Allen & Company LLC is serving as Cosm’s financial advisor.
Cosm is headquartered in Los Angeles, CA with satellite offices in Dallas, TX, Salt Lake City, UT, Chadds Ford, PA, Pittsburgh, PA, New York, NY, and Gurugram, India.
About Cosm
Cosm is the leading experiential media and immersive technology company redefining the way the world experiences content. With a storied history of building some of the most innovative experience technology in the world, Cosm provides sensorial experiences for every type of fan, from sports and entertainment to immersive art and education. Its immersive venues bridge the virtual and physical worlds through pioneered technology that expands the realm of what’s possible, connecting people and bringing them together in, what is called, Shared Reality. As the company continues to expand to new cities and countries, Cosm is sparking shared passions and providing guests across the globe with experiences they need to feel to believe. To learn more about Cosm, visit www.cosm.com and follow on Instagram, Twitter, Facebook, LinkedIn, and TikTok.
Media Contact:
cosm@finnpartners.com
SOURCE Cosm