Investor puts £1m into virtual reality company
INVESTMENT group Mercia Technologies had put a further £1m into virtual reality (VR) gaming company nDreams as part of a funding round.
The Birmingham-based investor targets innovative technology businesses with high growth potential and nDreams’ successes in the VR market have boosted investors’ ambitions.
The latest funding round, totalling £2m, has been supported by angel investors and brings Mercia’s total investment in the Farnborough company to more than £5m in the last two years. Mercia now holds a 41% stake in the company.
Mike Hayes, Mercia’s investment director for digital and digital entertainment, said: “nDreams has made considerable progress this year, as reflected by the recent £3.0million uplift in the value of our holding. This syndicated round is further testament to nDreams’ growing status as a leading VR content developer and publisher.”
The additional funds will enable nDreams to further penetrate the VR market which, according to research from Digi Capital, is estimated to reach $30bn (£24bn) by 2020.
It launched its award-winning game, The Assembly, on Sony’s PlayStation VR last month, following its successful debut on Oculus Rift and HTC Vive earlier in the year. The company has also recently published Danger Goat, its first title for Google on Daydream, Google’s new high-quality mobile VR platform.
Patrick O’Luanaigh, chief executive and founder of nDreams, added: “I am proud of the team of over 40 staff that we have assembled here at nDreams and this investment allows us to continue building on the momentum we have achieved, developing VR games and experiences of the very highest quality.”
