MelodyVR Raises $19 Million With Eyes on 'Fertile' U.S. Market

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Virtual Reality

Virtual reality content creator MelodyVR has announced it raised £10 million ($13 million) after placing new shares on the U.K. stock exchange AIM, and added another £5 million ($6.6 million) from the sale of stock by its co-founders. The company said U.S. investors are providing the new "key institutional support" and noted that the money will go towards creating more content for its still-in-the-works app.

In recent months MelodyVR has racked up numerous licensing agreements needed to create and distribute its virtual content. Earlier this month it announced a worldwide deal with Roc Nation, and before that Sony Music, Universal Music and Warner Music as well as a partnership with Microsoft.

In a press release, co-founder Anthony Matchett said the company has set its sights on the U.S. for expansion. "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. "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."