meetspaceVR

Idea

Introduction

Our mission is to create a national distribution channel for social, free roam, untethered, arena scale virtual reality experiences. Think IMAX for VR gaming. meetspaceVR provides exclusive access to games, space and the freedom that makes VR gaming social, accessible and above all addictively playable.

Our quality of gameplay and customer service drives repeat play. VR is only just becoming a category of thing to do yet we have blown over 87,000 minds.

meetspaceVR is at the confluence of trends in the location-based, competitive socialising market:

1. Social virtual reality experiences, where friends, family and colleagues can play together, requires space and is rarely possible at home.

2. Global owners of IP are looking for ways of distributing their own immersive experiences to their fans.

3. vSports has more of a calorie count than traditional eSports and is already becoming a natural evolution to the global genre.

Substantial accomplishments to date

- Over 87K players since launch.

- Fifth store opened in October 2022.

- Replay rate 39% of people that played in April 2022 had played before

- 70% of bookings come from word of mouth

- Core business reached cash flow positive by Q4 2021 (discounting the costs of launching new sites)*

- NPS of 85

- Over £1.3m in net revenues over the last 12 months*

*based on unaudited management accounts

Monetisation strategy

Our core (B2C) players are adrenaline fuelled men and women between the ages of 18 and 45 that love unique and social experiences that help provide escapism from the every day and banish joylessness. Sessions of up to 8 people are pre-booked. 70% of bookings come from word of mouth referrals.

Our private hire / corprorate (B2B) players accounts for 25% of revenues and is generated with little direct marketing.

Over the years we have added other social VR experiences to allow for different genres of games that appeal to a wider age demographic. This has also allowed us to entertain larger private hire groups.

Use of proceeds

Proceeds of this raise will be used to standardise experiences across all current locations (Nottingham, Wembley and Birmingham) to backpack-less technology. We have this new technology installed in our latest venue in Thatcham, Reading and the feeling of freedom is liberating and the cost of maintenance greatly reduced.

We will also be rolling out more venues across the UK.

- Upgrade of existing sites - 20%.

- Launch more sites - 80%.

Any funds over and above the initial ask will fund faster expansion of sites across the UK.