Expanding company moves to new base
A company, whose technology reduces harmful carbon dioxide emissions, has moved into a new...read more
Shropshire based VR company Igloo Vision Limited (“Igloo”) is a provider of immersive 360-degree digital projection environments. With the use of graphics, live feed, video or animated audiovisuals Igloo can provide bespoke projects in a range of different sizes. From 6-21 meters, Igloo domes are suitable for a vast array of applications, with the largest being capable of accommodating up to 1000 people. The structures are available as standard solutions or custom builds, with customers having the choice of hiring or purchasing a dome permanently.
Igloo commenced trading in 2008 with the support of Dennis Wright and Peter Goodwin’s initial seed investment. Since then, the Company has expanded to become one of the countries most exciting VR providers, working with some of the world’s leading brands including Hyundai America, Adidas, LG and showcasing their products at premier events such as Ford Performance and the Champions League.
Igloo Vision has recently won a contract with a US-based multinational consulting firm. The firm plan to use Igloo’s systems to demonstrate the enterprise applications of VR to its clients, particularly for group-based training applications and visualisation. The contract began with the installation of Igloo’s domes at 2 US-based innovation centres in January of the current year, and Igloo now expects US export sales to reach c.£19 million within the next 5 years.
Midven originally invested in March 2011 through The Exceed Partnership fund, providing Igloo Vision with expansion and development capital in order to complete its software development, as well as working alongside executives to identify and target strategic markets. The Company has since expanded its operations to cover 24 different countries.
The most recent Midven investment comes from the new GB EIS fund invested as part of a larger £500K EIS investment round. As a well-established company being steered into an exciting future by a very capable management team, Igloo Vision was perfectly suited for the aims of both Midven and its investors. Finance was being sourced by Igloo in order to enhance its global marketing efforts, recruit additional staff and increase operational capacity in foreign markets.
Aanisah Begg, Investment Manager for the GB EIS fund commented “More and more businesses are turning to technologies such as VR to aid innovation, and Igloo’s 360 degree visualisation and simulation domes offer the perfect solution to their needs. Midven had been an investor since 2011, supporting the Company on its journey in delivering over 500 events. Last year the Company experienced £3.3m of American export sales alone after a host of contract wins and with a promising future ahead, we believe it is a great time for GB EIS to build on our existing relationship to continue to support them on their growth journey ”
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Midven Limited is authorised and regulated by the Financial Conduct Authority (FRN 148549). Registered Office: Cavendish House, 39-41 Waterloo Street, Birmingham, B2 5PP. Company Number: 02500898