VR Education Holdings lists in Dublin and London

Rodiano Bonacci
Marzo 13, 2018

IRISH startup VR Education Holdings (VRE) is listing in London and Dublin on Monday to fund the global roll-out of its virtual reality platform that provides experiences for students, teachers and corporate trainers.

Part of the admission process has seen the company raise £6 million (€6.7 million) before expenses.

The 60m new shares, which were doled out in an oversubscribed priced at 10p each, implied a £19.3m market capitalisation for VR upon admission at the placing price.

Immersive VR Education, founded in 2014 by David and Sandra Whelan, focuses on transforming the delivery and effectiveness of digital education and corporate training and has 21 full-time employees in Waterford.

The company founded in Waterford, Ireland, by husband and wife team David and Sandra Whelan just over three years ago, said it had secured more than £6 million (S$10.9 million) of funding from United Kingdom institutions, valuing the company at about £19.3 million. This is mainly done through Engage, a free tool that allows users to hold meetings or lessons in a customised virtual environment.

Blue-chip partners include Oxford University, the Royal College of Surgeons in Ireland and the BBC. It said the £6 million would be used to further develop its virtual social learning and presentation platform Engage, fuel its marketing strategy and produce new content.

David Whelan, CEO, said, "The AR/VR market is growing at a fast rate; as hardware becomes more affordable, this growth will undoubtedly gain further traction and we are at the forefront of this". Furthermore, we aim to strengthen our portfolio of compelling content, replicating the success of our revenue-generating, award-winning experiences, including Apollo 11 VR and Titanic VR, whilst also helping others to create content for their own lessons.

"Given the anticipated high volume of activity and steady stream of news ahead, I am confident that we will deliver value to shareholders", he added.

VR education was worth $269 million past year and this is forecast to rise to $1.7 billion by 2021.

Immersive VR Education raised £6 million (€6.7 million) yesterday through an initial public offering of its shares.

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