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Armstrong Ventures targets VR music concerts with seven-figure acquisition

London-based media investment firm Armstrong Ventures has moved further into the nascent virtual reality (VR) sector with the acquisition of tech firm MelodyVR.

The deal, announced to the London Stock Exchange this morning, will see the Westminster business stump up £5.12m for the VR technology company which specialises in live music and concert recordings for VR platforms including Oculus Rift and Samsung VR.

Established in 2015, the Hertfordshire-based startup has set its sights on releasing its MelodyVR app this year, where it hopes to make live and recorded content available to users thanks to its specially designed recording technology.

Melody’s early technology has clearly shown promise, as the acqusition comes only months after Armstrong announced £215,500 investment package for the startup in January.

Sean Nicolson, Chairman of Armstrong Ventures, commented: “We believe that MelodyVR’s proposition will appeal to many music fans who have embraced the latest VR technology.

“MelodyVR offers an immersive music experience to fans who are unable to attend a live event due to geographical or financial constraints, age restrictions or simply to an event being sold out. It also gives music fans the opportunity to access recorded content.

“Following completion of the Acquisition, I am pleased to announce that Anthony Matchett and Steven Hancock of MelodyVR will join the Board together with Simon Cole, the current CEO of 7Digital Group plc. We look forward to welcoming them to the Board.”

Armstrong Ventures is to fund the acquisition through the issue of 465,702,743 new shares valued at £0.011 per share.

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