EVR Holdings has raised £5m through the placing of shares on AIM.
The firm, which specialises in creating virtual reality content, and acquired VR startup Melody in May last year, previously raised £3.4m on AIM.
According to a statement, the shares are expected to be admitted to trading on AIM on the morning of the 13th of June.
Founded in 2005, EVR raised a total of £4.7m in net proceeds.
Anthony Matchett, CEO of EVR, commented: “The proceeds of this successful placing will be used to fuel the global expansion of our business, to reach more artists, more partners and in turn, more consumers.
“We’ll be investing further capital into our original content as we seek to grow our vast library of once-in-a-lifetime experiences. We believe that as the market develops and consumer appetite for VR content increases, we’re perfectly positioned to deliver consumers the best in immersive music experiences via our hardware agnostic VR music platform.
“We’ll be investing into additional resourcing and staff on a global basis, aiming to attract even more of the best talent in the UK, as well as throughout US offices in Los Angeles, New York, Miami and Nashville, as well as in other music industry epicentres, worldwide.”
The news comes after EVR signed a deal with Universal Music, which will see the startup create virtual reality content for artists signed by the music corporation.
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