London-based virtual reality (VR) startup Immersive Gamebox (IGB) has struck franchise deals worth $90m (£79.3m) to support the company’s expansion into new territories.
Founded in 2018, IGB develops virtual reality entertainment using projection mapping, motion tracking and surround sound technology.
Its virtual reality technology is included in what the company calls “game boxes,” physical spaces located in partnership with retailers where customers can experience immersive VR games. These game boxes can give partner companies — often malls — a boost to customers as retailers continue to battle online shopping.
The London-based firm has today announced the signing of major franchise agreements that will see it develop more than 250 locations for immersive gaming experiences over the next three years.
The company – formerly known as Electric Gamebox – has struck deals with retailers in the UAE, Germany and Ireland as part of its international growth plans.
“We are excited to sign franchise agreements with such strong partners as part of Immersive Gamebox’s rapid expansion,” said Will Dean, Founder and CEO of IGB.
“Our company’s goal is to bring people together through technology-enabled collaborative play, and our franchise partners play a key role in promoting Immersive Gamebox around the world.”
IGB also appointed a new chief operating officer to help oversee the company’s global expansion.
“I am delighted to be joining IGB as it continues to experience significant growth,” said Lisa Patton, IGB’s newly appointed Chief Operating Officer.
“With my experience growing brands internationally, I will help build IGB across markets and work with franchise partners to ensure they are consistent with our core values and quality service.”
IGB used to get funding from Project A VenturesBerlin firm VC.
AR startup Immersive Gamebox secures £80m in expansion deals
