Ukrainian startup Party.Space raises $1M from TA Ventures, ICLUB, and Day One Capital

The Ukrainian startup Party.Space has raised a $1 million investment, representatives of TA Ventures, a fund that invested in the startup, told AIN.UA.

• Party.Space is a platform featuring three-dimensional virtual corporate and themed parties, celebrations, seminars, afterparties, and gaming activities.

• The startup has raised $1 million from TA Ventures, ICLUB, and Day One Capital in its seed financing round.
• Yuri Filipchuk, Dmytro Zavada, and Arthur Ostapenko co-founded the company during the pandemic when all communication moved online. Before founding Party.Space, they worked in venture capital firms, blockchain projects, and the game industry. CTO Maxym Rodionov, who previously worked as CTO at Ubisoft, is responsible for the technical part of the project.
• After closing the round, the Party.Space team will launch its first metaverse setting for virtual events and create a collection of NFT devoted to the purpose.

Party.Space allows creating separate virtual spaces for corporate events. The startup solves the problem of team communication in a remote work environment through gamification of meetings, video communication, and 3D. Now the project has 11 types of virtual spaces for different types of virtual events. In addition, Party.Space analyzes how long people stay at the event, their behavior, who they communicate with, and what content they prefer.

Among Party.Space’s clients are Scania, Wargaming, Grammarly, Epidemic Sound, Plug’n’Play, and DevGamm. At the Epidemic Sound event, the average user interaction time in the virtual room was three hours and seven minutes.

TA Ventures investment rationale

Existing solutions for online events do not provide enough engagement and interaction between participants. Corporate events are increasingly moving online, but despite high demand, the industry faces a lack of products that would deliver a quality of engagement similar to offline.

Party.Space solves these issues through room customization and a strong technical component that allows many 3D avatars of real people to be present in the same room.

“Our fund was impressed with the project team: the technology and speed of the Party.Space product are significantly higher than those of other projects in the field of virtual spaces,” said Igor Pertsiya, venture partner at TA Ventures.