[UPDATED] REM5 Closes $150k For VR Lounge In SLP & Starts Cashflowing

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Updated 11/20/18: $150k closed SAFE, generating revenue ahead of plans after 8 weeks ‘open for business’, and count ~10 part time employees.

Updated 6/29/18: A paywalled report indicates that the company is moving forward on 8k ft. at 4950 W 35th St. in St. Louis Park, tentatively scheduled for August with “A lounge space and several semi-private virtual reality lounges with the business focusing on entertainment offerings, drinks and food at night, and partnering with local schools for educational programs during the day.”

Meanwhile, Voxel just expanded and Salt Lake City franchise The VOID is also coming to Mpls.

Original 5/8/18: A new startup headquartered in Minneapolis called REM5vr is raising $200k SAFE with $60k secured, per SEC disclosure.

Incorporated last year by entrepreneurs Amir Berenjian and Travis Hoium, REM5 is loosely described as a “virtual reality laboratory + event space.”

“We created REM5 to bring virtual reality to consumers, businesses, and students in Minneapolis. We want to knock down all the barriers and make premium virtual reality accessible to everyone,” reads the company’s about us section.

REM5 claims to have 6,000 square feet coming to the Uptown/SLP neighborhood for virtual reality events, education, and enterprise training applications opening in August.

Should REM5 itself become a reality, it will be joining a handful of other similar such environments in the local market.

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