Dubai billionaire joins Spielberg in backing VR start-up

Majid Al Futtaim is named among investors in Los Angeles-based Dreamscape Immersive
Dubai billionaire joins Spielberg in backing VR start-up
Majid Al Futtaim has joined Hollywood director Steven Spielberg in investing in Los Angeles-based Dreamscape Immersive. (Vittorio Zunino Celotto/Getty Images)
By Bloomberg
Wed 13 Dec 2017 06:28 PM

A virtual-reality company backed by 21st Century Fox and Warner Bros completed a $30 million funding round, about 50 percent more than originally planned.

Dreamscape Immersive, which is developing virtual-reality arcades for shopping malls, said Wednesday the Series B financing included AMC Entertainment Holdings, Viacom’s Nickelodeon, Dubai billionaire Majid Al Futtaim, VRSense Solutions and Image Nation Abu Dhabi. Original investors include Steven Spielberg.

The Los Angeles-based company is tapping red-hot Hollywood interest in virtual reality, which is seen as a new medium to tell stories and draw fans. The company announced in September that AMC Entertainment, the largest theatre chain, would invest at least $20 million.

Dreamscape plans to open up to seven VR centers, including a flagship location at the Westfield Century City mall in Los Angeles early next year. The company has commitments from AMC to finance as many as six Immersive VR Centres at theatres and other locations in North America and the UK.

Other investors include VRSense Solutions, a wholly owned subsidiary of PC Partner Group and maker of PC backpacks, who will help the company advance hardware development.

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Last Updated: Wed 13 Dec 2017 05:34 PM GST

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