Formation 8 Factsheet: March 2014
Dear Friends of Formation 8:
Formation 8 was founded two years ago to invest in and help build leading technology platforms that transform global industries. As we announce an important milestone for Formation 8, we are affirmed of our core thesis. We recognize the unparalleled value of backing top technology teams and adding value through strategic partnerships in Asia. We are inspired by the entrepreneurs with whom we have the privilege to work.
On March 25, Oculus, the first truly immersive virtual reality technology platform, announced its long-term partnership with Facebook. Facebook has acquired Oculus for approximately $2 billion (80% stock, 20% cash) with a $300 million earn-out based on the achievement of certain milestones. Please see below for recent press.
Oculus is a landmark company that blends entrepreneurial vision, hardware expertise, innovative software, and global partnerships. The Oculus story is validation that the Formation 8 model creates tremendous value for our portfolio companies. As investors in the Series A and B, our investment team identified Oculus’ promise early in its lifecycle. Our Korea business development team worked closely with the company and secured partnerships to resolve a mission-critical component of Oculus’ mass-market product strategy. This is only the beginning of an important multi-level partnership for Oculus.
We are very proud of the Oculus team and have great expectations as Oculus joins forces with Facebook to power virtual reality around the world. We have many exciting updates in our portfolio and look forward to sharing more success stories with you soon.