Virtual reality studio XR Games secures $2.6M investment

Fledgling virtual reality outfit XR Games has secured a $2.6 million seed investment from Australian venture capital firm, Global Merces. 

The Leeds-based studio was founded last year, and intends to create mobile and arcade virtual reality titles based on established properties. 

XR will use the cash to buy more properties and bolster its ranks with the hiring of senior management figures, and the expansion of its art, design, and development teams. 

"We're excited to invest in the team at XR Games," commented Global Merces chief investment officer Adam Schoff, who'll be joining the company as a director.

"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."