XR Games secures £1.5m in seed follow-on funding led by Maven to expand its team and develop new products.
The investment round was led by Maven and backed by ACT Capital Partners to fund team expansion and product development.
XR Games is an independent virtual reality developer based in Leeds that creates immersive titles in partnership with major entertainment brands. The studio has expanded rapidly following the commercial success of its flagship virtual reality releases.
Leeds-based virtual and augmented reality studio XR Games has secured £1.5m in a seed follow-on funding round led by NPIF - Maven Equity Finance. The financing includes participation from existing backer ACT Capital Partners, alongside support from Praetura Ventures and the UK government's Future Fund. The studio will direct the capital toward product development, expanding its Leeds team by 20 new roles, and accelerating original intellectual property initiatives alongside research and development efforts.
From the founder
"We're delighted with the investment from our new partners at Maven Capital Partners, as well as ACT Capital Partners following on from their previous investment, and continued support from Praetura Ventures. We're already putting the investment to good use by hiring senior personnel such as a Chief Operating Officer, Creative Director, and a new Head of Production. We're also expanding the Development, Game Design and Art teams, and we're further developing our Sales and Marketing initiatives to expand our work-for-hire division."
Bobby Thandi
Founder and CEO at XR Games
Investor perspective
"XR Games has achieved a number of great milestones in a short space of time and we are delighted to support the business at such an exciting stage in its growth journey. Immersive technology has huge potential in this industry and Bobby and the team's experience, ambition and delivery in this niche has been instrumental in them developing such an impressive list of global clients and partners already. We look forward to working with the team and existing investors as they embark on a programme of rapid growth."
Gavin Bell
Investment Director, Maven Capital Partners
Use of funds
- 01Continue product development
- 02Grow the team
- 03Fund research and development
- 04Invest in sales and marketing
