nDreams raises further £2.7m investment
We're delighted today to announce that we have completed a £2 million follow-on investment with Mercia Technologies, and an additional £700,000 from private investors.
We're targeting rapid growth over the next year as the VR market continues to expand, and this is reflected in the five VR titles we have in production. This includes Bloody Zombies, which won Tom's Guide's "Best VR Game" award at E3, as well as being nominated for three further awards. We also have unannounced titles in the works.
In addition, we're thrilled to welcome Paul Fitzsimons, a former partner at Apax Partners, a leading Private Equity group, as our new Chairman. Rob Precious, the former Director of Business Development at Geomerics/ARM, has also joined our Board as Non-Executive Director. We're planning on strengthening our senior team by hiring a CFO and a COO in the coming months.
These investments and hires come at the same time as us signing a major deal to bring exclusive new content to a leading VR arcade company. This move into the virtual reality arcade space follows a successful 12 months for us, with content released on PC, console and mobile VR platforms. This partnership is just one of a number of recent deals with key third-party companies. We can't wait to share more information with you over the coming months!
Patrick O’Luanaigh, CEO and Founder of nDreams, said:
“Mercia’s continued support, and the backing of private investors, bolsters our relentless ambition to remain at the forefront of VR. The company has expanded rapidly over the past 12 months leading to outstanding opportunities, including our move into VR Arcades and our continued focus on creating innovative VR content for home headsets. We’re also delighted to welcome Paul and Rob to the board, who bring a wealth of experience and insight to the team.”
Mike Hayes, Investment Director at Mercia Technologies PLC, said:
“nDreams continues to thrive within the VR market, a sector expected to be worth in excess of $30 billion by 2020. Its growing reputation as one of the UK’s leading developers and publishers of VR content demonstrates the significant progress that the company has made this year with many of the major hardware brands in this rapidly growing market. We are delighted to continue to back this industry-leading team.”
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