Independent games studio and VR developer XR Games has raised £5.9 million/$7 million in a recent funding round. The new ammo is geared to help the firm’s expansion plans as it presses forward with new game developments, including further research in both VR and AR technologies. To date, XR Games has raised a total of $13.6 million.
Following the success of the studio’s Zombieland: Headshot Fever launch in 2021, XR Games has tripled the staff numbers, now hovering around 85, in less than a year, and a portion of the new investment is earmarked to support moving to a new studio in the centre of Leeds later this year.
With Sony Pictures VR and Rovio Entertainment amongst its client base, in March of this year, the company acquired VR games specialist Fierce Kaiju, not only expanding its portfolio of games in the genre, but the additional talent on board has allowed for the onboarding of larger projects, resulting in, according to the company, revenue growth of 10x last year.
“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,” commented XR Games founder and CEO Bobby Thandi. “With the hundreds of applications we are receiving for each job vacancy, it’s clear there’s a growing appetite for this space.”
XR Games’ $7 million investment round was led by existing investors act media ventures, Praetura Ventures and Maven.
“XR Games is a stellar example of a northern business turning heads on a global stage. Since our first investment in 2019, it’s so rewarding to see the team’s continuous expansion in terms of both staff and development on their projects,” concludes Praetura Ventures’ Mark Lyons.
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