Showboat — a 3D virtual events platform founded in Milwaukee and used by local and national organizations — is seeking $2 million to $3 million to add to its seven-person team, according to the product's co-founder and business development lead, David Stamm.
The platform soft-launched in October 2020 and has since been used by customers ranging from Derse, a Milwaukee-based marketing agency, to Polyglass, a Florida-based manufacturer of roofing and waterproofing materials.
Keeping up with customer demand has been difficult, which is why the Showboat team is looking to grow, Stamm said. As it seeks funding, the team is approaching individual investors, angel funds, private equity firms and private banks. They expect to secure funding within two to three months, according to Stamm.
Showboat was created by the Milwaukee-based experiential software company No Small Magic, of which Stamm is a co-founder. In addition to Stamm, the team includes co-founder and technical director Scott Vanderbeck, and co-founder and creative director Nate Kresse. Stamm is also the CEO of Stamm Media, an event technology company, and Stamm Technologies, an information technology company.
To use Showboat, pricing starts at $2,500 for a single event and stretches upwards of $50,000 for a custom virtual environment, according to the company. Showboat also offers weekly, monthly and yearly subscriptions.
The Metropolitan Milwaukee Association of Commerce (MMAC) used Showboat to host a Business After Hours networking event in March. The organization also plans to use the platform for the networking portion of its M7 annual forum event on May 26, said Karen Powell, MMAC director of events and programs.
Using Showboat feels like a mix between videoconferencing and playing a video game. Users have an avatar that shows a live video feed of their face, and can use their arrow keys to navigate the virtual Showboat space.
"You’re in a (virtual) room with everybody and you can move around and talk to different people," Powell said. "It's similar to being in a bar, where you hear people talking next to you — it’s just on a computer."
Showboat utilizes spatial audio, meaning users only hear the voices of people they are in close virtual proximity to. This allows for virtual networking events where multiple participants can have separate conversations at the same time.
Unlike virtual reality, Showboat intentionally doesn't require any special hardware, Stamm said.
"We wanted to make it fun and engaging in the 3D environment, but we wanted to make it usable by anyone on any device," he said.
Stamm and his team created Showboat in response to customer demand during the pandemic. Their company No Small Magic — which creates custom product simulations and other interactive experiences for businesses to use for trade shows, live events and permanent installations — heard from clients who were looking for a way to hold virtual networking events and product demonstrations.
The global virtual events industry was a $78 billion market in 2019 and is projected to grow to $404 billion by 2027, according to a July 2020 report from San Francisco-based market research firm Grand View Research.
