Softbank Ventures Asia Corp., the early-stage venture capital arm of Japan’s SoftBank Group Corp., invested 2 billion won ($1.76 million) in South Korean virtual reality (VR) gaming startup Miragesoft Inc., to ramp up its investment drive in burgeoning VR market.

Softbank Ventures Asia announced Tuesday it has invested 2 billion won in VR game developer Miragesoft known for its flagship title “Real VR Fishing,” a mobile VR fishing game.

The VR gaming startup, which was established in 2016 by former Facebook Oculus software engineer Ahn Joo-hyung, became the first Korean name to launch its “Real VR Fishing” on Facebook’s standalone VR headset Oculus Quest in 2019.

Its sales last year quadrupled from the previous year. “Real VR Fishing” racked up more than $3 million on the Oculus Quest store in just a year of its launch. The game was also awarded Facebook Oculus’s Sports and Fitness Game of the Year in 2019.

Miragesoft raises 99 percent of its sales overseas and has a huge potential to grow into a global VR gaming company, Softbank Ventures explained.

Miragesoft aims to expand its presence in the global market through setting up a subsidiary in North America, leveraging on Softbank Ventures’ network, the company said.

By Pulse

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