Swedish VR studio, Fast Travel Games, has announced an investment of $2.1 million following a series A funding round. The virtual reality developer, founded by developers from Rovio, EA and DICE, is using the funds to expand the team and to continue development of its first game.
This is Fast Travel Games' second round of funding and the studio has now raised a total of $2.9 million from venture capital firms. Industrifonden, one of the largest VC firms in the region, led the funding round.
“While still in its infancy, virtual reality is becoming a platform where consumers can play and engage with games like never before,” said Fast Travel Games’ CEO and co-founder Oskar Burman. “We are excited to have these prominent Nordic investors by our side as we strengthen our team and expand upon our ability to bring these experiences to life for players.”
The studio is made up of many former employees of big Swedish game developers. Burman himself was formerly a head of studio for Rovio Stockholm. The new VR title in development, which is to be released on all major VR headsets, is being led by Mirror's Edge Catalyst design director, Erik Odeldahl. It's this wealth of talent that has helped raise investment for the studio.
“With Fast Travel Games’ deep-rooted expertise and track record within the games industry, and with really good co-investors, we’re very excited for this investment,” said Industrifonden investment manager, John Sjölander. "The gaming industry has been under served by venture capital looking from a return on investment perspective. We see huge opportunity in VR moving to mass market and ubiquity. Combine these two factors with a stellar team and you have something that’s a very attractive investment."