Leeds-based studio XR Games has raised $2.6 million to develop mobile and arcade virtual reality games based on licensed IP.
The seed investment comes from Australian venture capital firm Global Merces via its Media Fund. XR Games has previously raised another seed round from angel investor Nigel Douthwaite.
Eye on partnerships
The start-up is led by CEO Bobby Thandi, previously VP of digital at kids games developer Dubit. He’s worked on projects for companies such as DreamWorks, Mattel, Disney, BBC, PBS Kids and more.
XR Games plans to use the funds to expand its design, art and development teams, as well as acquire IP.
Global Merces chief investment officer Adam Schoff has joined the studio’s board of directors as part of the deal.
“We’re excited to invest in Bobby Thandi and the team at XR Games,” said Schoff.
“Their business plan for generating revenues in the VR space really stood out to us and they have an undeniable pedigree of making games for world famous IPs that are enjoyed by millions of players.”
Thandi added: “Welcoming Adam’s experience and strategic insight to the XR Games board is awesome news. Soon we’ll announce fantastic new additions to our team, well-known names in the gaming world attracted by the trust and investment from Global Merces.
"This strong XR team will design and develop mobile and arcade VR games that we’d love to play ourselves and that are true to our partners’ much-loved IPs.”