British virtual reality (VR) developer XR Games is known for bringing high profile IP’s into VR, having released Zombieland: Headshot Fever and The Angry Birds Movie 2 VR: Under Pressure. To help with its expansion plans the studio has announced this week a new funding raise of £1.5 million GBP ($2.1 million USD).
The funding round was led by Maven Equity Finance with participation from ACT Capital Partners. This follows on from a £1.5 million raise in 2019 and £2.6 million in 2018. XR Games will use the investment to develop its own original IP as well as creating 20 new roles at its Leeds, UK studio.
XR Games will still continue its work-for-hire which has seen the studio work with the likes of Rovio Entertainment and Sony Pictures Virtual Reality.
“We’re delighted with the investment from our new partners at Maven Capital Partners, as well as ACT Capital Partners following on from their previous investment, and continued support from Praetura Ventures. We’re already putting the investment to good use by hiring senior personnel such as a chief operating officer, creative director, and a new head of production,” said XR Games’ CEO Bobby Thandi in a statement. “We’re also expanding the development, game design and art teams, and we’re further developing our sales and marketing initiatives to expand our work-for-hire division.”
“It’s so exciting to see the team grow and develop, and with our vacancies receiving hundreds of applicants, it’s clear that there’s a huge appetite from others wanting to join our journey,” Thandi continued. “This most recent round of investment enables our recent hires and existing team to kick start our own original IP initiatives, and helps to fund further R&D into augmented and virtual reality.”
Zombieland: Headshot Fever is XR Games’ most recent release, originally arriving for Oculus Quest earlier this year followed by a Steam port last month. A PlayStation VR version is also slated to be in the works. As further details arise regarding what XR Games is doing next, VRFocus will let you know.
via Mint VR