Edge is leading the £2.9m Series A funding round alongside a follow-on investment from Imbiba, a specialist investor in leading leisure and lifestyle brands, and participation from games industry veterans Chris Lee and Rupert Loman.
OTHERWORLD offers immersive VR experiences across entertainment, arts, education, and wellness. Guests enter their own ‘immersion pod’, which integrates premium VR hardware with dynamic heat, wind and rumble effects. Each pod is connected to the same place: a virtual island paradise which friends and family can explore together.
OTHERWORLD’s site in Shoreditch, East London has hosted over 50,000 guests, including celebrities Adele, Skepta, and Jonathan Ross.
The new investment comes as many brick-and-mortar businesses emerge from the
challenges of the pandemic. Since reopening after the partial relaxation of COVID-19 restrictions OTHERWORLD has thrived, selling out for weeks in advance with market-leading footfall and revenues.
It has been predicted that by 2023, location-based entertainment will make up around 11 per cent of the VR industry, with the market expected to range from $1.5bn (£1.06bn) to $3bn globally.
Edge’s investment will support OTHERWORLD as it looks to expand its UK footprint, sign up international franchise partners and continue to develop its proprietary VR platform and experiences.
“Edge Investments champions entrepreneurs who harness creativity and technology to solve problems, improve lives and advance the world" said CEO and Founder of Edge Investments, David Glick. "The OTHERWORLD experience does this brilliantly - a virtual island paradise in the cloud, the best VR experiences across entertainment, arts, education and wellness, reached through unique, multi-sensory ‘immersion pods’ in its growing network of city centre venues.”
OTHERWORLD will be opening in London Victoria’s Nova development next month and at Bennetts Hill, Birmingham in September 2021.