360fly, the single lens 360-degree camera manufacturer launched its device last October in an exclusive partnership with US retailer Best Buy. Now the company has recently announced the closure of a $40 million USD Series C financing round to aid in its worldwide expansion.
The funding round featured lead investor L Catterton and existing investor Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures. Hydra Ventures, the corporate venturing arm of the Adidas Group has now joined as the newest investor.
The funding will help to significantly bolster 360fly’s efforts to expand the worldwide sales footprint for its suite of 360-degree camera products. It’ll also support the marketing efforts for its new 4K camera, which is due to launch later this month.
“Our investment partners recognize the tremendous opportunity within the VR space as we drive further toward a level of widespread consumer adoption,” said Peter Adderton, 360fly CEO. “We have no intention of slowing down or resting on our laurels, and closing this latest round of funding is critical to not only maintaining, but increasing the momentum we’ve established.”
The 360-degree camera field has two distinct brackets, consumer-level and professional-grade. Products like Nokia OZO sit in the high bracket with a price point of $60,000 USD while 360fly is aimed squarely at the consumer-level with a price of $399. The 360fly allows users to easily shoot, edit and share 360-degree video to popular social platforms like Facebook, YouTube.