PRODUCT NEWS
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| Frontgrid secures £100k investment |
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| 04 Mar 2019 . BY Lauren Heath-Jones |
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| L-R: Mike Calvert from Reward Finance Group, Matt Wells and David Wood from Frontgrid and Ian Adams from Bathgate Business Finance at the opening of the Paradrop VR attraction at iFly Basingstoke / Steve Smyth Photography |
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Immersive VR group Frontgrid, creator of the Paradrop VR attraction, has secured £100k funding from Reward Finance Group, a Manchester-based SME funder, that will aid the company's growth across the global attractions market.
Secured by finance specialists Bathgate Business Finance, the funding has already been used to create a single unit of the company's Paradrop VR attraction to exhibit at national and international trade shows, giving prospective buyers the opportunity to trial the experience.
In addition, the company has reported that growth has 'accelerated rapidly' following the investment, securing a number of orders in India, Malaysia, Dubai and Thailand.
Matt Wells, CEO at Frontgrid, said: There is a huge global shift towards the experience economy and active leisure. People are looking for unique, social and memorable experiences beyond just staring at a screen."
"However, more than 50 per cent of the world's population now live in cities and don't have easy access to the adventurous, adrenaline fuelled experiences that we are so passionate about. ParadropVR brings that opportunity directly to those people," Wells added.
MIke Calvert from Reward Finance Group said: "We had no hesitation in backing Frontgrid. We quickly saw the potential in both the business idea and the passion the founders showed. Supporting a new startup company is always rewarding and the fact that it produces a virtual reality ride makes it even more exciting."
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