meetspaceVR: an urban theme park that brings leading social, free-roam VR experiences all under one roof.
Adjuvo is an exclusive syndicate for sophisticated and experienced investors.
- Five venues open from October 2022
- £1.3m revenue in the last 12 months*
- Over 87,000 players to date & an NPS score of 85
- Over 70% of players from word of mouth
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
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.
The Company is in the process of creating a Share Option Scheme to allocate to the Founding Team. This will be implemented prior to closing this funding round and will represent 20% of the fully diluted share capital of the Company (5% to each of the Co-Founders). This has been factored into the pre-money valuation.
Majority Investor Owned
Following the creation of this Share Option Scheme, the Company will remain majority investor owned, with the largest stake being held by the investor syndicate, Adjuvo, the lead investor in this round.
The company has the following outstanding loans:
1. £38,802.68 Bounce Back Loan at an interest rate of 2.5% per annum. The loan is to be repaid on 14th July 2021.
2. £74,438.67 PayPal Working Capital Loan at an interest rate of 10% per annum. The loan is to be repaid on 1st Oct 2023.
3. £22,061.82 COT Working Capital Loan at an interest rate of 9.9% per annum. The loan is to be repaid on 31st Dec 2023.
The funds raised from this investment round will not be used to repay these loans.
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