Australian venture capital firm Global Merces has made a $2.6m (USD) seed investment in XR Games, from its Media Fund. XR Games makes mobile and arcade virtual reality games for licensed intellectual properties. This supplemented an earlier seed round by angel investor Nigel Douthwaite.
As part of the deal, Adam Schoff, Chief Investment Officer at Global Merces, has joined the XR Games board, bringing considerable international media strategy and investor pedigree.
The launch team assembled by Bobby Thandi, XR Games’ CoFounder and CEO, worked together at parent company Dubit on projects for DreamWorks, Mattel, Disney, BBC, PBS KIDS, and other leading companies. The new funds will enable additions to senior management of world-class game experts; expansion of the design, art and development teams; and acquisition of further IPs.
Global Merces Chief Investment Officer Adam Schoff said, “We’re excited to invest in Bobby Thandi and the team at XR Games. 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. I’m looking forward to supporting the team as a director.”
XR Games’ CEO Bobby 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.”