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VR Social Network vTime Closes £5.4 Million Series A Funding Round

Date Type Companies involved Size
April 13th, 2018 investment $7.6m
VR Social Network vTime Closes £5.4 Million Series A Funding Round

vTime, the UK-based virtual reality sociable network that allows users to meet, chat, broadcast, and share with people around the world, has closed a £5.4 million ($7.6 million) Series A funding round.

This investment was led by Deepbridge Capital, utilising the Enterprise Investment Scheme, and also included investment from Liverpool (UK) based institutional loan and equity provider, MSIF.

 

A million downloads

vTime has amassed almost a million downloads across six platforms since December 2015. Bootstrapped from launch by founder and CEO Martin Kenwright, the investment will accelerate global growth and product development, and fuel R&D for the brand’s augmented reality experience coming later in the year.

vTime CEO Kenwright said, “vTime offers users the most immersive and intuitive way to engage with others in VR from wherever they are. The advent of consumer AR at scale is allowing us to use decades of expertise to develop another unique way to connect and engage with friends and family in alternate realities. Crucially, Deepbridge share our vision for the future – both in delivering a matchless social XR experience and our expansive plans to monetise and build upon the vTime framework with future technologies.”

 

Excited by the future

Ray Eugeni, Partner at Deepbridge Capital commented, “vTime perfectly represents the innovative and disruptive technologies that we at Deepbridge provide investment for. We are delighted to be working in partnership with the vTime team and are excited by the future opportunities for vTime’s market-leading virtual reality and augmented reality technologies.”

Simon Thelwall-Jones, MSIF Investment Director added, “We’re really pleased to have been able to play a part in this round of investment for vTime. It’s great to be able to assist and support a genuinely world class business based in the Liverpool City Region.”

 

vTime continues to grow through a recruitment drive to bolster the core development and management teams of over 40 people in both its UK Liverpool headquarters and in the USA.

 


Editor

Steve is an award-winning editor and copywriter with 20 years’ experience specialising in consumer technology and video games. He was part of a BAFTA nominated developer studio as project manager for the UK’s first fully interactive digital TV channel. In addition to editing TheVirtualReport.biz, Steve contributes to PocketGamer.biz, PCGamesInsider.biz and BlockchainGamer.biz, as well as creating marketing content for a range of SMEs and agencies.

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