The Venture Reality Fund (VRFund) is a US-based early-stage venture capital firm dedicated to extended reality (XR) – the intersection of virtual reality, augmented reality, and mixed reality technology. Founded in 2016 by Tipatat Chennavasin and Marco DeMiroz, the fund positions itself as one of the first institutional investors focused exclusively on the XR ecosystem. Its thesis is that spatial computing will reshape how people work, communicate, and transact – a belief that has pushed it toward blockchain and metaverse projects alongside its core hardware and software bets.
The fund is headquartered in the United States and operates with a global deal flow, though the bulk of its portfolio companies are North American. Public information on total assets under management is limited; VRFund has not disclosed a specific AUM figure, and no SEC Regulation D filing data is widely cited. The fund runs on a traditional venture model with LP capital, targeting seed and Series A rounds in companies building at the convergence of immersive technology and, increasingly, decentralized infrastructure.
Notable investments
- Owlchemy Labs – VR game studio behind Job Simulator; acquired by Google in 2017, one of the fund's earliest documented wins.
- STRIVR – enterprise VR training platform used by Walmart, NFL teams, and major banks; raised over $30 million in later rounds.
- IrisVR – architecture and AEC visualization in VR; merged with Prospect to form Iris, now a leading AEC spatial tool.
- BigScreen – social VR cinema platform that later pivoted toward standalone headset content.
- MindMaze – neuro-rehabilitation and medical VR; achieved unicorn status with a $1 billion valuation as of 2016.
Public information about VRFund's specific blockchain or crypto portfolio companies is limited. With only eight disclosed crypto-adjacent investments tracked by aggregators, the fund appears to concentrate on metaverse infrastructure – projects bridging VR environments with tokenized ownership and digital economies – rather than pure-play DeFi or Layer 1 protocols.
Team
Tipatat Chennavasin (General Partner) is a long-standing XR advocate and writer who covered VR development before co-founding the fund. Marco DeMiroz (General Partner) brings an operational background from enterprise software. Both partners are active on the conference circuit at events like AWE and CES, positioning VRFund as a thought leader rather than a silent capital allocator. Detailed backgrounds are available via LinkedIn.
Recent activity
Public deal announcements from VRFund in 2025–2026 are sparse. The broader XR VC market slowed after the 2021–2022 metaverse hype cycle cooled, and several spatial computing startups restructured or were acquired at flat or down valuations. VRFund has not publicly announced a new flagship fund vehicle during this period, though the partners have remained visible in the XR media ecosystem. The launch of Apple Vision Pro in 2024 and continued traction of Meta Quest renewed LP interest in the space, which may support a new fundraise. No formal announcement has been confirmed as of mid-2026.
VRFund occupies a niche position: it arrived early enough to catch the first wave of enterprise XR adoption and scored at least one marquee exit (Owlchemy via Google). Its crypto-adjacent bets appear to be a secondary layer tied to virtual-world ownership mechanics rather than a strategic pivot to Web3. Investors tracking the metaverse–blockchain crossover should watch whether the fund formalizes a dedicated digital-assets vehicle or continues to treat on-chain features as one attribute among many in its XR thesis. More detail on the fund's structure is available via Crunchbase.