The out-of-home VR experience firm Otherworld has announced that it had raised £2.9 million in a funding round.
Edge Investments led the funding alongside Imbibe and Chris Lee, and Rupert Loman, both games industry veterans.
It’s been a tough few years for businesses across the board due to the pandemic. However, it’s glad to see that some have managed to stay afloat and become even more successful such as Otherworld. Despite COVID-19 restrictions, the virtual reality firm is thriving. Earlier in September 2020, Otherworld has hosted several celebrity guests, including Skepta and Adele.
“We’ve seen overwhelming demand, despite the pandemic,” commented Chris Adams, CEO, and Co-Founder of Otherworld. “People are seeking ever-greater levels of immersion, but through social experiences they can enjoy with friends and family. We can’t wait to take the OTHERWORLD experience to new markets around the world.”
The company is expected to open two spaces in prime locations like Birmingham and London Victoria over the summer. It also plans on opening an additional three spaces in Manchester, Glasgow, and Leeds in 2022. Internationally, they are recruiting franchise partners in Germany whilst they’re looking for franchisers in the US. Currently, Otherworld has a single location in their hometown of Shoreditch, London, which opened in 2019.
CEO and Co-Founder of Otherworld Chris Adams said he’s overwhelmed by the overwhelming demand and can’t wait to expand to new markets worldwide.
Otherworld is a VR studio that creates content and experiences for the platform. The company wants to use funds to design its own products like multi-sensory technology, which will produce an immersive experience with VR.
“The first version of OTHERWORLD’s virtual resort has been a huge hit with guests and critics alike,” said Ed Wardle, CCO, and Co-Founder of Otherworld. “Otherworld 2.0 will transport interdimensional travelers to new heights of immersion with scanned avatars, richly atmospheric themed zones, and virtual content designed exclusively for our venues.”