Liverpool virtual reality social network clinches £5.4m of funding
Liverpool-based virtual reality (VR) social network vTime has announced £5.4m of new funding.
The social network allows users to meet, chat, broadcast and share with people around the world.
It is already used in more than 190 countries and is experience a growing library of destinations and opportunities for users to personalise their avatar as they chat with up to three others in the virtual world.
The fundraising was led by Deepbridge Capital, utilising the Enterprise Investment Scheme, and also included investment from Liverpool-based institutional loan and equity provider, MSIF (Merseyside Special Investment Fund).
Already the most widely-available VR social network, the mobile market-leaders has amassed almost a million downloads across six platforms since December 2015.
Supported from launch by founder and chief executive Martin Kenwright, the investment will accelerate global growth and product development, and fuel R&D for the brand’s augmented reality (AR) experience coming later in the year.
Mr Kenwright said: “vTime offers users the most immersive and intuitive way to engage with others in VR from wherever they are.
“The advent of consumer AR at scale is allowing us to use decades of expertise to develop another unique way to connect and engage with friends and family in alternate realities.
“Crucially, Deepbridge share our vision for the future – both in delivering a matchless social XR experience and our expansive plans to monetise and build upon the vTime framework with future technologies.”
Ray Eugeni, partner at Deepbridge Capital, said: “vTime perfectly represents the innovative and disruptive technologies that we at Deepbridge provide investment for.
“We are delighted to be working in partnership with the vTime team and are excited by the future opportunities for vTime’s market-leading virtual reality and augmented reality technologies.”
Simon Thelwall-Jones, MSIF investment director, added: “We’re really pleased to have been able to play a part in this round of investment for vTime. It’s great to be able to assist and support a genuinely world-class business based in the Liverpool City Region.”
vTime continues to grow through a recruitment drive to bolster the core development and management teams of more than 40 people in both its Liverpool headquarters and in the USA.
