Friday 19 July 2019

Futuristic Irish technology firm completes historic fundraising

David Whelan, CEO, and Sandra Whelan, COO, Immersive VR Education
David Whelan, CEO, and Sandra Whelan, COO, Immersive VR Education
Louise Kelly

Louise Kelly

Irish virtual reality and software firm VR Education became the first stock market listing in Dublin this year, and likely the last on an independent Irish Stock Exchange.

The Waterford-based technology firm raised €6.7m before expenses through listings on Dublin's Enterprise Securities Market (ESM) and the AIM in London.

The placing of 60,000,000 shares of 10p each implied a valuation of around €21.6m (£19.3m) on admission and the deal was oversubscribed.

VR Education uses virtual reality technology to deliver digital education and corporate training.

Its Engage platform will offer users the capability to host lessons, meetings and presentations in a secure, virtual, multi-user environment.

CEO David Whelan said that the AR/VR market is growing and as hardware becomes more affordable, growth will gain further traction.

"We are at the forefront of this. As a VR software and technology group operating in the niche education sector, we provide students, educators and corporate trainers with a real alternative to attending bricks-and-mortar institutes; benefits include cost-savings and, of course, completion rates among others," he said.

Prior to its IPO, VR Education had raised €1.3m from investors including Suir Valley Ventures, Kernel Capital Venture Funds and Enterprise Ireland.

The IPO may be the last for the 'old' Irish Stock Exchange, which in November agreed a sale to Euronext, which operates exchanges in Paris, Amsterdam and Brussels. The deal is expected to close this month. VR Education Holdings shares traded up yesterday to 13.55cents each.

Irish Independent

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