Meta Announces “multi-million dollar” XR Development Fund to Boost Newly Formed Studios

Meta this week announced Oculus Publishing Ignition, a “multi-million dollar” fund aimed at newly formed XR studios. The company is offering money for VR and MR prototypes, with the potential for follow-on funding to turn those prototypes into full titles.

Seemingly wanting to tap into the unfortunate number of recently laid off game developers, Meta’s new Oculus Publishing Ignition fund is specifically looking for XR studios that were formed on or after April 2023. The company says it plans to fund up to 20 teams before the end of 2024.

Those teams will receive three Quest 3 headsets and cash to build their ideas into prototypes over the course of six months. At the end of that sprint, there’s also the potential for more funding to turn those prototypes into a “fully-scoped game.” Meta is promising that participating studios will retain “full IP, code, assets, design and distribution rights.”

The fund has an eye toward specific types of content:

For Ignition, we are focused on game concepts that target the midcore player—more mainstream than niche and broad in scope with compelling Quest 3 interaction mechanics. Most importantly, we want teams to build the game you’re most passionate about and experienced in. We’re looking for mixed reality concepts just as much as conventional VR, and have enhanced interest in simulation games, active sports, and accessible social titles.

Meta says its accepting open applications for Oculus Publishing Ignition through September 1st, 2024 (or sooner if the fund is exhausted).

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While Meta regularly cuts deals to help support the development of Quest content, the process for actually getting one of those deals has been opaque. Oculus Publishing Ignition represents a much more transparent pathway for developers to pitch their ideas to Meta for consideration of funding. However the fund is gated to only newly formed studios.