The panel show focuses on the world of social media, viral videos and internet fame, and is hosted by Kevin McHale, star of US TV series Glee, with team captains Seann Walsh and Radio 1 DJ Chris Stark.
In a statement, Channel 4 said today: "As ever, there will be no shortage of hilarious material for the panels to discuss. From globally famous viral memes and twitter rants to the greatest YouTube posts and Vine shorts, the rival teams will be battling for points over the online moments that have got the world laughing."
The two new series, each consisting of ten 45-minute episodes, are expected to be broadcast during 2015.
Consisting of 8 episodes, Series 1 was a strong ratings success for E4, gaining an average viewership of 461,000, with a 58% profile of the lucrative 16-34 year-old audience demographic, ten percentage points higher than the channel's peak average.
Dom Bird, Channel 4's Head of Formats, says: "It's notoriously hard to launch a brand new panel show, so we were thrilled to see it connect so successfully with our 16-34 audience. I can't wait to see Kevin, Seann and Chris return with their own unique comedy take on the very best of social media."
Leon Wilson, MD of Talkback and Executive Producer of Virtually Famous said: "Virtually Famous enjoyed a great first series, and we're really excited to see it return to E4 for a further two series'. In particular I'm looking forward to winding Seann up again by forcing him to watch lots more clips of cats."
Dan Baldwin, MD of Hungry Bear Media and Executive Producer added: "We're delighted that Virtually Famous has been recommissioned for two more series. It has been fantastic to see Kevin McHale, Seann Walsh and Chris Stark gel together so well on-screen. I hope Chris Stark survives these new shows. Last series he was punched by David Haye, had his face sellotaped up by Pixie Lott and was dressed as a woman and put on a dating website. I wish Chris the best of luck for Series 2 and 3."
Here is a trailer used to promote Series 1: