Mercia Technologies PLC £1m invested in nDreams as part of £2m syndication (2677P)
16 November 2016 - 6:00PM
UK Regulatory
TIDMMERC
RNS Number : 2677P
Mercia Technologies PLC
16 November 2016
RNS 16 November 2016
Mercia Technologies PLC
GBP1.0million investment in nDreams as part of GBP2.0million
syndication
Mercia Technologies PLC (AIM: MERC, "Mercia" or the "Group") a
national investment group focused on the creation, funding and
scaling of innovative technology businesses with high growth
potential from the UK regions, is pleased to announce a follow-on
investment of GBP1.0million into nDreams Limited ("nDreams"), one
of the UK's largest independent developer and publisher solely
focused on virtual reality ("VR") gaming and experiences
content.
Mercia's investment is part of a GBP2.0million funding round
alongside a group of angel investors. The pricing of this funding
round endorses Mercia's recent Half Year Results fair value
assessment of its holding in nDreams. Since IPO, Mercia has
invested GBP5.1million in nDreams and the Group now holds 41.0% of
nDream's total issued share capital.
This additional capital will enable nDreams to further penetrate
the VR market which, according to research from Digi Capital, is
estimated to reach $30.0billion within the next four years. Having
launched its award-winning game, The Assembly, on Sony's
PlayStation VR in October 2016, following its successful debut on
Oculus Rift and HTC Vive earlier in the year, nDreams has recently
published Danger Goat
(https://play.google.com/store/apps/details?id=com.ndreams.dangergoat&hl=en),
its first title for Google on Daydream, Google's new high-quality
mobile VR platform. Google is one of a number of partnerships
nDreams has secured with the leading VR headset manufacturers,
including Sony (PlayStation VR), Oculus (Rift), HTC (Vive) and
Samsung (Gear VR). These high profile partnerships demonstrate the
industry's confidence in the design and production quality of
nDreams' experiences and games.
Mike Hayes, Mercia's Investment Director, Digital & Digital
Entertainment, commented:
"We are delighted to continue our support of nDreams as part of
this new funding round. nDreams has made considerable progress this
year, as reflected by the recent GBP3.0million uplift in the value
of our holding. This syndicated round is further testament to
nDreams' growing status as a leading VR content developer and
publisher.
nDreams exemplifies the benefits of Mercia's approach to
identifying and investing in UK technology businesses. By combining
our commercial and sector expertise with exciting opportunities and
talented teams, we are seeking to build successful businesses
across the UK's regions to create medium term incremental
shareholder value."
Patrick O'Luanaigh, CEO and founder of nDreams, said:
"We are delighted that Mercia is continuing to support our
growth by taking part in this syndicated investment, which is the
first of a two-stage round. I am proud of the team of over 40 staff
that we have assembled here at nDreams and this investment allows
us to continue building on the momentum we have achieved,
developing VR games and experiences of the very highest
quality."
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk +44 (0)330 223 1430
Cenkos Securities plc
Ivonne Cantu / Mark Connelly (NOMAD) +44 (0)20 7397 8900
Buchanan
Sophie McNulty, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
About Mercia Technologies PLC
Mercia is a national investment group focused on the creation,
funding and scaling of innovative businesses with high growth
potential from the UK regions. Mercia benefits from 18 university
partnerships and six offices across the Midlands, the North of
England and Scotland providing it with access to high quality,
regional deal flow. Mercia Technologies PLC is quoted on AIM with
the epic "MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third party funds (with more than
GBP228.0million under management) and then over time Mercia can
provide further funding to its 'Emerging Stars' by deploying direct
investment follow-on capital from its own balance sheet.
Since its IPO in December 2014, the Company has invested over
GBP30.0million directly across its portfolio of Emerging Stars.
About nDreams
nDreams was formed in 2006 by former Codemasters and Eidos
Creative Director, Patrick O'Luanaigh (Tomb Raider: Legend, Hitman:
Blood Money, Conflict: Desert Storm, Micro Machines V3) with a
focus on virtual worlds. Since 2013, the company has exclusively
dedicated its talents to developing remarkable virtual reality
games and experiences. The studio has already worked on a number of
VR titles - including SkyDIEving, Gunner, Perfect Beach and the
award-winning The Assembly - and continues to develop multiple
unannounced projects.
This information is provided by RNS
The company news service from the London Stock Exchange
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