Riyadh Seasons-backed Blockchain venture, Hyperspace, secures Millions in funding

Hyperspace, the UAE-based theme park builder integrating Blockchain, VR, and NFT capabilities, has secured a significant investment from Riyadh Seasons, backed by KSA's sovereign fund. A substantial portion of the $55 million raised was attributed to Riyadh Seasons. The US-based gaming-focused venture capital firm Galaxy Interactive spearheaded the funding round and saw participation from other global investors.

Established in 2020 by Alexander Heller, Hyperspace endeavors to construct theme park attractions enhanced by blockchain and extended reality technologies. These attractions integrate the latest spatial computing, real-world virtual effects, and innovative NFT initiatives.

In Heller's vision, these attractions are tangible gateways to the Metaverse. Attendees can harness these advanced tech solutions to experience everything from dreamlike playgrounds and captivating neighborhoods to holographic supercars and luxury digital fashion on virtual production stages.

Previously, in 2021, Hyperspace secured $11 million in equity, crucial in scaling its operations. Heller remarked on this achievement, emphasizing integrating emerging trends from blockchain, digital identity, spatial computing, and the rising gaming and social media sectors into the amusement attractions landscape.

In the third quarter of 2023, Hyperspace is set to unveil the "House of Hype" in Dubai Mall. This follows the successful debut of its Immersive AYA space in Wafi Mall, which drew nearly 500,000 enthusiasts, each paying $34 to access its expansive 40,000-square-foot area.

The Financial Times reported that Riyadh Season, a government-endorsed entertainment venture functioning under the sovereign wealth fund's purview, constituted the primary source of the $55 million in debt and equity amassed by Hyperspace. Riyadh Season operates under the leadership of Turki al-Sheikh, the head of the General Entertainment Authority.

November will see Hyperspace introducing the "House of Hype" in Riyadh. With roots in Riyadh, the company has grand expansion plans within Saudi Arabia and extending to the US. "Our main goal is global expansion," Heller shared in his conversation with the Financial Times. He expressed his excitement over partnering with Riyadh, emphasizing the region's mall-centric culture, further enriched by a robust engagement with social media. Heller believes Hyperspace can revitalize mall culture, which online shopping trends have challenged. He added, "Our parks blend elements from video games, social media, and Web3, transforming them into avant-garde entertainment destinations."