A share deal has valued virtual reality company EVR Holdings at £220 million.

The listed company operates the MelodyVR platform, which places fans in the crowd or on-stage with their favourite musicians at live events.

Investor and strategic partner John Gore Bahamas Ltd has partially exercised its option to subscribe for 4,997,041 new ordinary shares at a price of 15.3p per share.

The aggregate gross proceeds of the exercise amount to $1m and gives JGB 8.38 per cent of EVR Holdings’ issued share capital.

EVR Holdings’ valuation rose nine per cent following the announcement.

MelodyVR is the only licensed VR music platform and has the world’s largest library of exclusive immersive and interactive music experiences from the likes of Post Malone, Blake Shelton, Wiz Khalifa, Kelly Clarkson, Niall Horan, Fall Out Boy and Imagine Dragons.

In October EVR Holdings, which is based in London, launched a 5G partnership with O2.