Leeds-based independent games studio and virtual reality developer XR Games has secured a £5.9m investment.
The round, led by existing media venture investors Praetura Ventures and Maven, will support XR Games’ expansion when it moves into a brand new studio in central Leeds later this year.
This will allow the business to grow its team by investing in intellectual property, new game development and research into virtual reality and augmented reality technologies following the success of its Zombieland: Headshot Fever launch in 2021.
XR Games initially raised £1 million in a round led by Act Media Enterprises, formerly known as ACT Capital Partners, and then raised £1.5 million in a round led by Praetura Ventures alongside Act Media Enterprises in 2019 .
XR Games has raised a further £1.5m in 2021 in a Maven-led investment round using both VCT funds managed by Maven and NPIF – Maven Equity Finance, which is part of the Northern Powerhouse Investment Fund, with support Act media companies.
In less than a year, XR Games has tripled its staff to employ over 85 people and continues to grow. In March, XR Games acquired dedicated VR game studio Fierce Kaiju to expand its portfolio of games and increase the size of its teams. The expansion of the XR Games team has allowed the company to take on larger projects, and revenues in the business have grown tenfold in the past year.
XR Games works with major partners and world-renowned brands, including Sony Pictures VR and Rovio Entertainment, to create games for the rapidly growing VR and AR market.
Bobby Tandy, founder and CEO of XR Games, said: “We are extremely proud of the fantastic work and success the XR Games team continues to achieve. This latest investment will allow XR Games to continue to bring new innovations to the AR/VR sector over the next few years.
“Our new studio in Leeds will allow us to continue to grow our team and the number of projects we work on. And with the hundreds of applications we receive for each job opening, it’s clear the appetite for this space is growing. We will continue to push XR Games to the forefront of the new virtual reality revolution we are witnessing in the creative industries.”