nDreams has completed a new £2m investment round, and plans to use the funding to further grows the development team and expand their range of content.
nDreams are the largest independant VR studio in the UK, and are hoping this £2m investment, the first of a two stage round of funding. £1m was tossed into the hat by Mercia Technologies PLC, who previously invested £4.1m into the company. The rest of this round of funding comes from a group of angel investors.
Patrick O’Luanaigh, nDreams’ CEO and Founder, said in a statement: “We’re delighted that Mercia are continuing to support our growth by taking part in this investment, which is the first of a two-stage round. We’re also very pleased to welcome a number of private investors, all of whom have hugely successful business backgrounds and a wealth of knowledge and experience. I’m so proud of the team that we have assembled here at nDreams. This investment allows us to continue building on the momentum we have achieved, and to develop VR games and experiences of the very highest quality.”
The company recently released the PSVR edition of The Assembly, and their first title for Google’s Daydream device, Danger Goat. Though the company was founded in 2006, it’s only in 2013 that they decided to focus exclusively on virtual reality.
Mike Hayes, Mercia’s Investment Director, Digital & Digital Entertainment added in the statement that “The continued progress of nDreams is an example of Mercia’s success in investing and mentoring UK technology businesses. We congratulate the nDreams team and believe that the Company has an exceptionally exciting future ahead, operating at the forefront of the VR content development.”