Uk-based VR games studio XR Games secures £5.9m ($7m) investment to supercharge its growth. Sparking good news for the developers and gamers.
A Wise Choice In Investment
The huge deal will allow the VR games, developers, to move into a bigger studio in Leeds city centre and the ability to help grow its expanding team. XR Games has grown rapidly after the success of the hit VR game ‘Zombieland: Headshot Fever’.
The investment from Act Media Ventures, Praeture Ventures, and Maven will help support the studio in its move to the city centre later in the year. It will enable the business to grow its team as it invests in intellectual property (IP), the development of new games,
and research into VR and augmented reality (AR) technologies, following the success of its Zombieland: Headshot Fever launch in 2021.
In less than a year, XR Games has tripled its headcount to employ more than 85 people and continues to grow. In March, XR Games acquired specialist VR game studio Fierce Kaiju to expand its games portfolio and scale its teams. The expansion of XR Games’ team has allowed the company to take on larger projects, and revenues at the business grew tenfold last year.
Eye On The Ball
Bobby Thandi, XR Games Founder and CEO, said: “We are extremely proud of the fantastic work and success the team at XR Games continues to achieve.
“This latest investment will enable XR Games to continue to bring new innovations to the AR/VR sector over the next few years. Our new Leeds studio will allow us to continue to grow our team, and the number of projects we’re working on. And with the hundreds of applications we are receiving for each job vacancy, it’s clear there’s a growing appetite for this space. We’ll continue to push XR Games to the forefront of the new virtual reality revolution we are seeing in the creative industries.”
Mark Lyons, director of investments at Praetura Ventures, said: “At Praetura Ventures, we pride ourselves on backing exceptional founders by providing our ‘more than money’ support to help them grow the best business they can. XR Games is a stellar example of a northern business turning heads on a global stage. Since our first investment in 2019, it’s so rewarding to see the team’s continuous expansion in terms of both staff and development on their projects.”
Adam Schoff, CEO and founder of act media ventures, commented: “As a very early investor in XR Games, we have been witness to the amazing growth of the company. We are excited to participate in this latest investment round and look forward to the exciting journey ahead.”
Gavin Bell, investment director at Maven, said: “The team at XR Games has performed exceptionally since our original investment last year. It’s great to see them expand their headquarters in the North and to continue to add talented people to the team. We’re very excited for what the future holds for XR Games.”
This really is an exciting time for XR Games and the VR industry as a whole. The future is looking bright and it can only get better.