Presence Capital

Presence Capital is a San Francisco-based venture capital firm established with a clear focus on the nascent virtual reality (VR) and augmented reality (AR) markets. Founded by industry veterans Amitt Mahajan, Paul Bragiel, and Chris Cunningham, the firm strategically positioned itself early as a specialist investor in immersive technologies, aiming to capitalize on the transformative potential of these emerging platforms.

The firm initially gained attention in 2015 upon raising its first dedicated fund of $10 million, specifically earmarked for early-stage VR startups. This initial capital was intended to support approximately 15 to 20 companies, demonstrating a highly focused, high-conviction approach to investments within the then-nascent VR/AR ecosystem. Their typical first checks were reported to range from $100,000 to $500,000, targeting seed-stage companies that were building foundational technologies, content, and applications for immersive experiences.

Following the rapid growth and increasing interest in the VR/AR sector, Presence Capital reportedly began raising a second fund of $20 million in 2016, aiming to continue and expand its support for innovative companies in the space. Their portfolio includes notable names such as AltspaceVR, Baobab Studios, and The Void, showcasing their commitment to backing both foundational technologies and compelling content creators in immersive media. The firm's deep expertise and early, specialized focus allowed it to play a significant role in nurturing the initial wave of VR/AR innovation.

While the broader landscape of VR/AR investment has evolved since its initial boom, Presence Capital's early entry and specialized strategy provided a unique advantage. The firm's approach centered on identifying promising teams and technologies at their earliest stages, providing not just capital but also strategic guidance from founders with extensive backgrounds in gaming, venture capital, and technology. This targeted and hands-on approach helped shape the early development and trajectory of the immersive technology industry.