UK VR firm Immotion plans £2m fundraise
Listed VR experience firm Immotion has announced its plans to raise £2m through the placing of ordinary shares and further £500,000 through a broker option.
The fast-growing firm offers custom designed immersive VR experience ‘pods’ in high footfall locations including Madame Tussauds, Legoland Discovery Centres and Al Hokair sites in the Middle East.
The group now has a total of 237 VR headsets installed across the world, with a year to date average total gross revenue per headset per month of around £2,100 in the aquarium sector.
The firm is now focussed on ‘edutainment’ destinations such as aquariums, zoos, science centres and museums.
Set up by tech and media entrepreneurs Martin Higginson and David Marks, their successes include Netplay TV and Monstermob.
The Manchester-based firm, which also has offices in Los Angeles and Dubai, said it has invested heavily in building a range of experiences, along with its proprietary content management and reporting system and a range of themed motion platform VR offerings.
"Since inception we have invested heavily in building a range of VR experiences, the quality of which has not been seen before at affordable price points in the 'out-of-home' VR market,” said Higginson in a statement.
“This fact, combined with our proprietary reporting software, themed stands and on-going investment in VR motion platforms has positioned us well in this nascent market."
"However, it has been our determination to create a new and exciting business model that has and will define us.
“Creating a Partnership Solution where we work together with high footfall leisure locations to provide them with not only a new and interesting attraction, but also a valuable ancillary revenue stream has transformed our business. Demand from high quality aquaria partners is very strong and we are beginning to see demand from other verticals."
"Our continued focus in creating not only the right environment as well as VR experience for our partner, is starting to show encouraging signs with revenues in our Partner estate growing strongly. “