Igloo Vision, a UK firm that designs and delivers immersive 360° virtual reality (VR) experiences and solutions for enterprise, is planning to expand following a £1 million investment.
The Shropshire-headquartered company, which counts BP, Microsoft and Uber as clients, will use the funding from Frontier Development Capital (FDC) to support international expansion and recruitment, with seven new hires already planned.
Igloo Vision develops projection domes and cylinders that—when combined with its specialist software and technology—create 360° VR experiences for up to 750 people. They are well-suited to training, simulation and visualisation, as well as events and experiences.
Since opening in 2007, Igloo Vision has delivered more than 500 events and installations in 22 countries and now employs 50 people across offices in Shropshire, London, New York, Los Angeles, Toronto and Melbourne.
Last year, Igloo Vision recorded £3.3 million of American export sales after a string of contract wins. The company expects this to rise to £19 million within five years. It recently announced a new project with a global consulting firm to install its systems at two US-based innovation centres, as well as a network of offices.
Dennis Wright, chief executive officer at Igloo Vision, explained why the VR company required the £1 million investment from FDC.
He said: “For a VR company we are unusual, because we are already profitable and already selling to many of the world’s biggest brands. The one thing that has held us back is that we haven’t had enough investment to expand as quickly as we would have liked. FDC’s involvement now enables us to accelerate our growth.”
Graham Mold, head of growth capital at FDC, a national fund manager supporting businesses with investments of up to £7 million, said: “Igloo Vision represents the best of British design and technology, something that has allowed it to make waves globally and build an impressive client roster. The demand for its products and services demonstrates the scale of the firm’s innovation and commitment to creating highly engaging experiences and solutions for its clients’ audiences.”
“This investment, an innovative package of debt and equity, aims to provide Igloo with the backing it needs to build on this success and continue to disrupt new markets. If recent wins are anything to go by, the business has a hugely exciting future ahead.”