Immotion, a virtual reality (VR) start-up based in Manchester, has received £500,000 of investment from Sure Ventures PLC, a London-based venture capital fund.
The Series B funding will be used to accelerate the rollout of Immotion’s VR Cinema pods, as well as the development of additional immersive experiences.
Immotion, founded by technology and media entrepreneurs Martin Higginson and David Marks, also finalised a £1.3m investment from a range of strategic investors in December.
The Immotion VR cinema pods are being rolled out under the company’s retail brand, VR Star, as well as through a range of concession partners. VR Star currently operates in Bristol, with plans to open in Swindon, Cardiff, Manchester, Middlesbrough and Wakefield.
Martin Higginson, executive chairman of Immotion, said: “We’re delighted to secure this funding from Sure Ventures, who share our excitement in the enormous potential of the out-of-home VR experiences market.
“We believe our out-of-home experiences will allow people of all ages to experience the full immersive thrill of VR, including movement, in a safe and fun way.
“We have seen what is needed to deliver a great experience. Our VR Cinema Pods engage all the senses by combining sight, sound and motion, along with premium content from our own award-winning studios, allowing us to help users genuinely escape reality.”
Sure Ventures director, Gareth Burchell, said, “With more than £4bn invested in the VR sector over the last two years, this is a booming global market, so we are delighted to support Immotion’s highly creative team as they embark on the next development phase. As one of the leading companies in the sector, Immotion offers significant growth opportunities. Demand for its VR cinema pods are gaining traction as customers increasingly look for new experiences and engage with the concept of being immersed in new virtual worlds.
“Having previously invested in the Suir Valley Venture Fund, this is the first direct investment we have made. We are currently in talks with other exciting companies in our target AR/VR, FinTech and IoT sectors.”
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