ARena Space Announces European Expansion
Location-based VR company ARena Space secures funding injection for expansion into Europe.
The number of location-based virtual reality (VR) centres has grown hugely in the past few months. As a result, there has also been a rise in the number of companies catering to this market. One of those is ARena Space, which has just secured a substantial investment, which the company will be using to expand its operations into Europe.
ARena Space has secured investments of $7.7 million (USD) from processing company Rucard, with structuring assistance from venture fund IP Fund. This money injection will primary be directed towards the further expansion of the company.
The company are soon going to be opening a branch in Amsterdam, which will act as the first stage of Arena Space in expanding its presence in Europe and other regions. By the following year, the company is expecting to increase the audience for its location-based VR centres to 1 million customers. ARena Space intends to open 150 VR parks by 2021.
The cash injection will also be spent on further development of VR and AR products for the mass market, and the creation of a fund for developers of VR and AR content and a network of VR parks in Europe and the USA. The company is already in discussions with European shopping centres with plans to open the first locations by the end of 2018.
“Unlike competitors who offer monoproducts and small locations, we present a park that integrates the best technologies, attractions and content. Our ideal modular park includes up to 10 different zones, focused on different target audiences, and occupies from 100 to 1000 sqm depending on location and type of intake. Another key advantage is the personalization of content for the profile of each client. And the third point that I would like to note is the APM park management software, which connects all the business processes of the park into a single interface – from customer personalization to management reporting, integrates content launch through a single API and will be able to recognize visitors by face in the nearest future .” said Andrey Taburinsky, co-founder of ARena Space.
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