Independent games studio and virtual reality developer XR Games has today secured a £1.5m funding round, led by Praetura Ventures alongside existing investor ACT Capital Partners.
Praetura Ventures, the firm committed to providing capital and support to early-stage businesses across the north of England, 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.
Headquartered in Leeds, England, XR Games was founded in 2017 and specialises in virtual reality (VR) and augmented reality (AR) games for licensed intellectual properties.
XR Games has collaborated with big-name brands including Sony Pictures Virtual Reality and Rovio Entertainment for console VR games, and has recently released The Angry Birds Movie 2 VR: Under Pressure on time, on budget and to critical acclaim. The studio is also set to embark on several new strategic partnerships, including one with an innovative LA-based production company.
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. Jason 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.
The deal is Praetura Ventures’ eighth of 2019 and its seventh investment in the digital and creative sector since 2014. The firm is one of the most active backers of entrepreneurial businesses in the north of England and its portfolio includes Sorted, Peak and SteamaCo.
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.”