Crowdfunding Success Stories: Oculus Rift
From $250,000 to $2,000,000,000. Pioneering the Consumer VR Market.
Oculus VR was a virtual reality company founded by Palmer Luckey in 2012, with the goal of developing a VR (virtual reality) headset for video gaming to create a more realistic experience.
Determined to create a more immersive and accessible VR experience, Luckey quickly realized he needed to raise capital. In August 2012, Oculus VR launched a Kickstarter campaign to fund the development of the Oculus Rift VR headset. The Oculus Rift was intended to be sold as a do-it-yourself kit on Kickstarter to fellow VR enthusiasts.
The campaign launched with the goal of raising $250,000, modest for the crowdfunding industry as a whole but ambitious for a 19-year-old entrepreneur striving to pioneer such a product. Many investors were hesitant at first, not knowing what virtual reality was or the purpose it would serve in the future. However, the campaign featured a compelling video, highlighting the potential of VR gaming and showcasing the early prototype hardware.
Capturing the imagination of gaming and tech enthusiasts, Oculus VR smashed past its original $250,000 goal and raised over $2.4 million from 10,000 investors by the end of September 2012.
A campaign as successful as Oculus VR’s signaled to the market that there’s a lot of consumer interest in VR technology. This generated additional outsider attention and interest. One of those outsiders most interested in the overall VR market was Facebook.
Recognizing the potential of Oculus Rift and growth in the VR market, Facebook acted swiftly and acquired Oculus VR for roughly $2 billion in 2014. Mark Zuckerberg and his obsession with the Metaverse! Oculus Rift, now known as Reality Labs, pioneered the VR market for consumers, led the development of other VR headsets, and helped create a growing ecosystem of VR content and applications.
Success stories like these show the true power behind crowdfunding platforms and the funding and support needed to bring a revolutionary product to market. Come join us on our journey to discover the next crowdfunding startup that will change the world!