The Bank of Ireland Kernel Capital Funds portfolio company, publicly quoted VR Education Holdings (AIM: VRE / Euronext Growth: 6VR) has announced their intent to complete a €3M investment from HTC, one of the world’s leading technology companies. In addition, HTC and the Waterford-based Company will enter into a strategic partnership for the distribution and license of their ENGAGE platform globally through HTC enterprise sales channels.
In the wake of the COVID-19 pandemic, VRE and HTC’s combined offering provides a complete end-to-end service to alleviate the challenges posed by reduced travel and long-term changes to workplace practices.
In March 2020 VRE hosted HTC’s VIVE Conference, involving China President of HTC, Alvin W. Graylin, Forbes Columnist Charlie Fink, and ‘Grandfather of VR’ Tom Furness on its VR platform. This has led to a significant number of new business with companies seeking to use the platform to facilitate the significant increase in demand for remote working, virtual conferencing and other collaboration tools.
“This announcement represents HTC’s first significant investment in an Irish company and is testament to the quality of the VRE team and the ENGAGE platform. The funds will ensure the Company is well poised to accelerate their growth plans at a time when the adoption of digital platforms to reach and engage audiences globally has never been stronger.”
Orla Rimmington, Partner, Kernel Capital
“We are delighted to be strengthening our partnership with HTC as demonstrated by its subscription for new shares announced. The Subscription will provide additional funding for the next stage of our development and allow us to progress the capabilities and commercialisation of our core ENGAGE platform at a time when industries across the globe are adapting to new and innovative ways of working.”
David Whelan, CEO, VR Education
The deal is subject to VRE’s shareholders passing certain resolutions to be proposed at an EGM to be held on June 11th.
Currently employing over 40 people, the Waterford Company investors include The Bank of Ireland Kernel Capital Funds, Suir Valley Ventures and Enterprise Ireland.
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For further information please contact:
Dawn Walsh, Kernel Capital.
Tel: +353 21 4928974