VR developer nDreams and mobile app studio No Yetis Allowed secure funding from investment firm.
Led by former Sega CEO Mike Hayes and ex-Codemasters MD Nick Wheelwright, Merica Fund has completed its initial investments of £400,000 in the gaming sector.
Formed by former Eidos creative director Patrick O'Luanaigh in 2006, nDreams is a VR developer and publisher, whilst No Yetis Allowed is a mobile studio set up by former Blitz Games project director Mark Hardistry at the end of last year.
“We have been working on VR prototypes and experiments for eight months and have a number of games and experiences in the pipeline. We have also funded an independent VR gaming website called VRFocus, which launched in February 2014 and is already one of the leading global VR gaming sites in terms of traffic." said O'Luanaigh.
“Mercia Fund Management’s £250,000 investment in nDreams will enable us to expand our existing profitable operation by increasing our team of developers and to increase our focus on enhancing our VR technology. It is a pleasure to work with Mercia Fund Management and the fact that we share a very similar yet ambitious vision proves that the Mercia team is the right partner for us.”
Hardisty added: “The £150,000 we have secured through Seed Enterprise Investment will primarily be spent on increasing the functionality of our apps. Alongside increased interactions and gameplay with our existing characters, we will be building upon the gaming engine, enabling us to add further characters in the future as well as expand our repertoire of features and games."