Wednesday, July 15, 2020

£1.5m funding for Leeds-based indie games and VR specialist

XR Games, an indie video games studio and virtual realty developer based in Leeds, has secured £1.5 million funding round to expand and enhance.

The found was led by Praetura Ventures, the firm committed to providing capital and support to early-stage businesses across the north of England, alongside existing investor ACT Capital Partners.

Praetura Ventures has invested from its EIS 2019 Fund and will now work closely with founder and CEO Bobby Thandi and his team as they execute the next stage of their growth strategy.

XR Games was founded in 2017 and specialises in virtual reality (VR) and augmented reality (AR) games for licensed intellectual properties.

This investment will now enable XR Games to continue to invest in development and expand its games portfolio through new projects with Hollywood film studios and world-famous media and entertainment companies.

Bobby’s team includes non-Executive Director Jason McGann, a skilled creative and technician with more than 30 years’ experience of successfully leading game development studios. He was a co-founder of Rockstar Leeds (formerly Möbius Entertainment Limited) where he worked on notable titles in the Grand Theft Auto and Midnight Club series.

Paul Jefferson and Hannah Silverstone from Gateley Legal advised Praetura Ventures. David Willbe and Georgina Fraser from Lewis Silkin LLP advised XR games.

Bobby Thandi, founder and CEO of XR Games, said: “We are incredibly excited about Praetura’s investment in XR Games. Not only do they share our vision for growth, they are committed to supporting our ambitions and can provide strategic support alongside an injection of capital.

“This was a really important factor when choosing our next investment partner and their support represents a significant milestone for our business. Together we will be able to grow our team and continue to build partnerships with major movie studios to capture new opportunities moving forward.”

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