virtual reality

London-based proptech company Virtual Walkthrough has been acquired by Matterport, an immersive media and VR tech firm headquartered in California.

As a result of the transaction, Virtual Walkthrough will become a wholly owned subsidiary of Matterport.

The company has also confirmed that James Morris-Manuel, founding partner of Virtual Walkthrough, will continue to hold a senior role within the company.

Morris-Manuel, co-founder and director of Virtual Walkthrough, said: “This ground-breaking agreement is a ringing endorsement of the fast growing UK proptech scene. The UK property market is fully embracing new virtual technologies, with recent research by Nabarro showing that 81 percent of property professionals believe that virtual reality (VR) will change how developments are planned, marketed and leased in the next 10 years.”

He added: “Matterport and Virtual Walkthrough together are well placed to grow globally, becoming a driving force in the proptech community to produce extremely high quality products and collateral for all clients. We’re all more than ready to take the business to the next level.”

Launched in 2014, Virtual Walkthrough set out to change the way in which residential and commercial properties are marketed online, creating 360° online virtual tours.

Funded by leading venture capital investors and founded in 2011, Matterport claims to have customers in more than 50 countries.

Bill Brown, CEO of Matterport, said: “Virtual Walkthrough has a tremendous reputation in the UK and Europe, in the residential and commercial property markets, and has expanded into leisure and venue spaces with notable clients such as Marriott, the Intercontinental Hotel Group and Keller Williams.

“They are a natural fit, in terms of business focus, philosophy, and technology. We’re excited to continue to expand our vision, on a global scale, for more people and across more industries,” he concluded.