Virtual deal for Mercia Technologies
WEST Midlands investment business Mercia Technologies has pumped a further £450,000 into a virtual reality developer and publisher.
This is the second of an agreed three tranche investment of a total £1.75m that Henley-in-Arden-based Mercia has invested in Hampshire-based nDreams. The final instalment is due for payment towards the end of Q1 2015.
Mercia now has a 30% direct holding in nDreams.
The additional funds will allow nDreams to expand faster, invest more in R&D and increase the number of VR projects that it has in development.
Mercia has identified growth potential within the software development area of VR, including gaming, gamification, serious games and experiences.
Mark Payton, chief executive of Mercia Technologies, said: “nDreams is an excellent example of the execution of our business model of supporting the emerging stars arising from our third party funds under management.
“Mercia’s investment in nDreams is a clear demonstration of our strategy of providing capital, infrastructure and management support to accelerate the development of quality businesses.
“Mercia has been actively seeking software investment opportunities within certain areas of the VR market and nDreams, with its strong leadership and well-regarded development team, offers expertise in both gaming and experiences.
“VR is fast becoming established in the gaming sector, driving new video game experiences and gaming VR is set to become a significant entertainment category – as demonstrated by the recent launch of Samsung Gear VR, powered by Oculus.
“nDreams has been developing innovative software for these devices for over 12 months and is well positioned for growth as this category evolves.”
Patrick O’Luanaigh, chief executive of nDreams, said: “With the help of these new funds, our aim is to continue to be at the forefront of development for this new medium and to create superior VR experiences.”
