This Monday, augmented and virtual reality (AR/VR) development studio XR Games announced the acquisition of roughly £5.9 million in funding.
Pre-existing investors Media Ventures, Praetura Ventures and Maven led the funding round. Previously, XR Games’ investors contributed £2.5 million in 2019 and £1.5 million in 2021.
The capital enables XR Games to expand into a new Leeds-based office, hire fresh team members, and allows the firm to research new AR/VR technologies and venture into fresh IPs.
In a blog post, Bobby Thandi, the Founder and CEO of XR Games, said that his firm is reviewing countless job applications for company positions, indicating a clear “appetite for this [AR/VR] space.”
The CEO added that XR Games is pushing the forefront of “the new virtual reality revolution”, which is emerging in the creative industry.
He also added,
“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”
Previous IP-driven Success
In 2021, XR Games saw outstanding success with its Zombieland Headshot Fever VR game for the Meta Quest.
The Zombieland IP-inspired immersive experience gained critical acclaim, reaching the Quest store’s top ten charts for two weeks.
Thanks to its success, the project won the Best Video-Audio in VR at the NYX Awards in 2021. XR Games distributed the game for other VR headsets, including the Valve Index.
Northern UK Tech Investments
XR Games continues to push forward with crucial support from the Northern Powerhouse Investment Fund (NPIF).
The European Union-led fund assists the AR/VR development firm by supplying capital and resources with assistance from the European Regional Development Fund, including contributions from the European Structural and Investment Funds Growth Programme and European Investment Bank.
Gavin Bell, an Investment Director at Maven (part of the NPIF programme), explained that the XR Games team had performed exceptionally since the original investments in 2021.
He added,
“It’s great to see them [XR Games] 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”
Additionally, the NPIF programme invests in small to medium-sized startups in the North of England to support company growth and product development, and also aims to boost local Nothern technology businesses by supporting innovation, creating jobs, and helping local community regeneration projects.
