TLT has advised Maven on its multimillion-pound investment into independent games studio and virtual reality developer XR Games.

Maven is one of the UK’s leading private equity and investment firms, providing financial backing to businesses of all sizes across a range of sectors. 

Leeds-based XR Games works with major partners and internationally-renowned brands, including Sony Pictures VR and Rovio Entertainment, to create games for the rapidly-growing virtual reality (VR) and augmented reality (AR) market. 

The investment, which was led by Maven, act media ventures and Praetura Ventures, totalled £6million pounds and will support the expansion of XR Games - allowing the business to bring new innovations to the sector, grow its team, invest in its own intellectual property, develop new games, and research into VR and AR technologies. 

An initial investment of £1million was made in a round led by act media ventures, followed by a £1.5million investment in a round by Praetura Ventures in 2019. Maven led a further £1.5million round in 2021, with backing from act media ventures. 

TLT advised on all aspects of Maven’s round of funding. The team was led by corporate partner Richard Life and was supported by Sam Jones from the corporate team. 

Gavin Bell, investment director at Maven said: “Immersive technology adoption is accelerating across industries, and the potential in this sector is huge. We’ve been delighted to see how well XR Games has performed since our investment last year and we’re grateful to the team at TLT who helped us advance and secure this deal. The firm’s expertise and knowledge of the sector was indispensable throughout the whole process”. 

Richard Life corporate partner at TLT commented: “Maven’s funding has supported the development and expansion of one of the leading developers of AR and VR in the UK. The investment reflects the boost in interest in the sector which we have seen in recent years. It was a pleasure to support Maven on its funding, which will support the growth of an important area of tech development”. 

 

Date published

15 July 2022

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