virtual reality

Hampshire-based games developer nDreams has raised £2.7m in funding from backers including Mercia Technologies.

Mercia Technologies invested £2m as part of the round , which brings the company’s total to £7.1m.

The money will be used to support the release of new games and experience titles throughout this year and comes after the firm secured a deal to bring exclusive content to a ‘major’ VR arcade company.

Patrick O’Luanaigh, CEO and founder of nDreams, said: “Mercia’s continued support bolsters our relentless ambition to remain at the forefront of VR. nDreams has expanded rapidly over the past 12 months leading to exciting commercial opportunities, including our move into VR arcade content and our continued focus on creating innovative VR content for home use. We are also delighted to welcome Paul and Rob to the board, who both bring a wealth of experience and insight to the team.”

The news comes after Paul Fitzsimons, a former partner at Apax Partners, was appointed as chair; and Rob Precious, the former director of business development at Geomerics/ARM, joined the board as a non-executive director.

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 $30bn 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 back this industry-leading team.

“We believe that continuing to invest in nDreams and other high growth companies across the Digital and Digital Entertainment sector will strengthen our ability to build significant shareholder value,” he concluded. 

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