Leeds-based VR specialist XR Games raises £5.9m
Leeds-based video game studio XR Games has secured £5.9m in funding led by Act Media Ventures, Praetura Ventures and Maven.
Specialising in immersive augmented reality (AR) and virtual reality (VR) experiences, XR has developed several gaming projects based on popular films, including Zombieland and the Angry Birds movie.
XR has developed for both the mobile and console gaming markets.
“We are extremely proud of the fantastic work and success the team at XR Games continues to achieve,” said Bobby Thandi, founder and CEO of XR Games.
With the new funding backing the company, XR is planning to move to a larger studio in central Leeds. It is also planning to expand its team with new hires.
“Our new Leeds studio will allow us to continue to grow our team, and the number of projects we’re working on. And with the hundreds of applications, we are receiving for each job vacancy, it’s clear there’s a growing appetite for this space,” Thandi said.
Lead investors Act Media Ventures and Praetura Ventures are both existing investors of XR Games, having previously invested £1m and £1.5m respectively.
“XR Games is a stellar example of a northern business turning heads on a global stage,” said Praetura Ventures’ director of investments Mark Lyons.
“Since our first investment in 2019, it’s so rewarding to see the team’s continuous expansion in terms of both staff and development on their projects.”
Based in Manchester, Praetura has put a significant emphasis on backing promising startups in the North of England to boost innovation in the region.
Adam Schoff, founder and CEO of Act Media Ventures, added: “As a very early investor in XR Games, we have been witness to the amazing growth of the company. We are excited to participate in this latest investment round and look forward to the exciting journey ahead.”