Immotion Group, a Manchester-based VR entertainment company, is seeking to raise £2 million to help with growth.
The company’s CEO Martin Higginson stated that the business is “poised for substantial growth” as it moves closer to EBITDA breakeven.
Immotion Group plans to raise the £2 million by issuing an aggregate of approximately 29.6 million new ordinary shares priced at 6.75p each.
WH Ireland and Alvarium Capital Partners will be joint brokers meaning they can raise up to a further £500,000 through a broker option.
The company’s strategy also involves creating new partnerships in high footfall locations, allowing companies to embrace VR.
Feedback so far has reportedly been positive with there being demand for parterships over the traditional sales model.
Chief Executive Martin Higginson said: “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.
“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.
