Australian firm becomes majority shareholder in Zero Latency VR
Advent Partners, a leading Australian leading private equity firms, has become a partner and majority shareholder in Zero Latency VR.
Zero Latency VR founders will remain key shareholders and continue to lead the company’s global growth in the free-roaming VR space. Zero Latency VR has consistently added additional FRVR venues around the world throughout 2020 and 2021, and will soon have 55 venues open in 24 countries with big plans for 2022.
“Zero Latency VR will remain the global leader in FRVR. This new funding will accelerate our strategy, allowing us to expand aggressively into new markets and increase our support to existing locations,” explained Tim Ruse, Zero Latency VR CEO. “We welcome our new strategic partner, Advent, whose professionalism, experience in technology and investment, will help us meet our goals.”
Zero Latency VR’s most recent experience, Far Cry VR: Dive Into Insanity, co-developed by Ubisoft, is its most successful to date, with 40% of new customer ticket sales in June alone stemming from the new title. In Far Cry VR, up to eight players work together with props and plenty of space to fight their way across Rook Islands’ vast environments.
Symon Vegter from Advent Partners said: “It is the ideal time to get into the location-based VR sector, with consumers increasingly seeking new experiences, creating a large opportunity for Zero Latency VR, which is one of the fastest-growing, and the most disruptive players in this space. We are thrilled to be partnering with the team and to provide them with support as they seek to establish FRVR as the new medium in leisure and entertainment.”