Irish VR firm floats on Dublin, London stock exchanges

TSSG spin-out Immersive VR raises €1m investment

TSSG spin-out Immersive VR raises €1m investment

VR Education Holdings plc - the holding company of the Waterford start-up Immersive VR Education - has begun trading on the London and Irish stock markets.

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

The placing of 60,000,000 shares of 10p each implied a valuation of around €21.6m (£19.3m) on admission and the deal was oversubscribed.

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.

Mr Whelan said VRE's capabilities had been showcased by its Apollo 11 experience, in which the user becomes astronaut Neil Armstrong and plants a flag on the moon.

"As a VR software and technology group operating in the niche education sector, we provide students, educators and corporate trainers with a real alternative to attending brick and mortar institutes; benefits include cost-savings and course completion rates amongst others".

VR has floated as it looks to roll out its Engage product before the end of the year, an virtual reality platform that allows educators and trainers to hold lessons, meetings and presentations in a safe, virtual, multi-user environment as well as create pre-recorded or live content. VR has inked agreements with several blue-chip partners such as Oxford University, the Royal College of Surgeons in Ireland and the BBC. 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.

Richard Cooper, Non-Executive Chairman, said, "The board is delighted that investors have been so supportive of our IPO and the presentations made by the management team over the last few weeks".

Immersive VR Education previously raised €1.3 million from a number of investors, including Suir Valley Ventures, Kernel Capital Venture Funds and Enterprise Ireland.

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