Music virtual-reality startup MelodyVR is raising more money: £10m from a placing of new shares, and another £5m from the sale of shares by co-founders Anthony Matchett and Steven Hancock.
The company, which is listed on UK stock exchange AIM, plans to use its latest cash injection to continue building its library of original music/VR content, including live performances and other videos.
A number of US investors have agreed to buy the new shares, as MelodyVR plots its expansion into that market.
“Having secured key institutional support from investors throughout the United States, MelodyVR will continue to expand US-centric operations and to further develop our capabilities and infrastructure within the country,” said Matchett in a statement this morning.
“As we continue to deliver on our goal of building a truly global music and entertainment business, we look towards the United States as a fertile environment for our growth that we believe will become a key factor in the long-term success of our company.”
He added that Asia, Australasia and Latin America are also on MelodyVR’s to-do list. The £15m follows another £5m new placement of shares in June 2017.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!