During the summer British virtual reality (VR) developer XR Games released its biggest videogame to date in the form of movie tie-in The Angry Birds Movie 2: VR Under Pressure for PlayStation VR. To continue its investment in immersive videogame development XR Games has announced the closure of a funding round, securing £1.5 million GBP in the process.
The funding round was led by Praetura Ventures which is committed to providing capital and support to early-stage businesses across the north of England. Additionally, existing investor ACT Capital Partners returned to support the round.
XR Games will be using the investment to expand its videogame portfolio through new projects with Hollywood film studios, embarking on several new strategic partnerships, including one with an LA-based production company. The studio also aims to increase its capacity for work-for-hire contracts and expand its team in Leeds
“We are incredibly excited about Praetura’s investment in XR Games. Not only do they share our vision for growth, they are committed to supporting our ambitions and can provide strategic support alongside an injection of capital,” said Bobby Thandi, founder and CEO of XR Games in a statement. “This was a really important factor when choosing our next investment partner and their support represents a significant milestone for our business. Together we will be able to grow our team and continue to build partnerships with major movie studios to capture new opportunities moving forward.”
“Virtual reality gaming is a multibillion-dollar industry set to grow significantly within the next five years and as technology continues to advance at a rapid rate, XR Games is well placed to keep pace with this demand. Bobby has built a strong business that places consumer experience and client partnerships at its core, and it is a fantastic example of the talent and capability we have here in the north. It’s our mission to provide businesses just like XR with the finance and support they need to deliver great things and that XR Games will firmly establish a foothold at the forefront of the VR gaming industry,” adds Mark Lyons, director at Praetura Ventures.
As XR Games continues its expansion, announcing more VR titles in the process VRFocus will let you know.