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Hampshire-based games developer nDreams has received £2m in funding from backers including Mercia Technologies and a group of business angels.

nDreams, which focuses on VR-powered gaming experiences, has raised £5.1m from Mercia Technologies to date.

The company will use the funding to penetrate the VR market, which some estimates say will be worth $30bn in the next four years.

Patrick O’Luanaigh, CEO and founder of nDreams, said in a statement: “We are delighted that Mercia is continuing to support our growth by taking part in this syndicated investment, which is the first of a two-stage round.

“I am proud of the team of over 40 staff that we have assembled here at nDreams and this investment allows us to continue building on the momentum we have achieved, developing VR games and experiences of the very highest quality.”

Mike Hayes, Mercia’ investment director,commented on his reason to invest in the firm:

“We are delighted to continue our support of nDreams as part of this new funding round. nDreams has made considerable progress this year, as reflected by the recent £3.0million uplift in the value of our holding. This syndicated round is further testament to nDreams’ growing status as a leading VR content developer and publisher.

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