News - 26/10/2017

MelodyVR raises $20m, set to expand in US

MelodyVR raises $20m, set to expand in US

MelodyVR , the virtual reality music startup, just raised £15m ($20m) through its UK-based parent EVR Holdings. The majority of the money has been generated by EVR placing a chunk of new shares on the London AIM stock exchange worth £10m ($13m). The remainder £5m ($7m) has been added by the sale of stock to MelodyVR’s co-founders, Anthony Matchett and Steven Hancock.

The company’s app is still in beta version, but MelodyVR has inked licensing deals with Warner Music, Sony Music and Universal Music, in addition to a worldwide deal announced with Roc Nation earlier this month.

The firm informed its shareholder that the capital raise would “enable MelodyVR to make further investments in its original content library as well as to extend the capacity of its live music capture and digital content creation capabilities both in the UK and overseas, expanding upon existing resources and infrastructure, increasing global marketing efforts as well as research and development in areas such as post production and camera technology”.

Specifically, the firm mentioned plans to “expand US-centric operations and to further develop our capabilities and infrastructure within the country”, in addition to plotting software launches in Latin America, Asia, Australasia more quickly than it could previously.

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