Virtual reality start-up closes £400,000 investment round
Rescape, which develops virtual reality solutions for the healthcare sector, has secured over £400,000 of investment to spearhead its ambitious growth plans.
The equity deal was led by South Wales based investor Andrew Diplock, with the support of the Development Back of Wales, Geldards and Capital Law.
Headquartered in Cardiff, Rescape plans to use the funds to invest in new technology, develop an export offering and design new products to support patient recovery and rehabilitation.
Lead investor Andrew Diplock said: “The future is exciting for Rescape and with the new funding, the business will be able to make the right investment at the right time with innovative technology in the developing healthcare sector.
“I was pleased to be able to introduce this South Wales based business to a group of leading and experienced businesspeople– they all agreed to back the exciting future development of this company.
“I focus my investment activity on high growth potential South Wales-based businesses. Rescape Innovation certainly fits the bill and I look forward to working with the management team in the years to come.”
The start-up has developed a suite of virtual reality products to help patients treat conditions such as stress and anxiety by distracting their brain.
It’s previously received support through the Accelerated Growth Programme (AGP), which is funded by the Welsh Government and the European Regional Development Fund.
Matt Wordley, chief executive of Rescape Innovation said: “This investment opens up an exciting new chapter for Rescape and puts us in the best position to expand our product offering to offer patients support through proven techniques like distraction therapy.
“There are so many factors in establishing a quality tech product but thanks to the support we’ve received from Andrew Diplock, the other angel investors and Development Bank of Wales, we’re not only leading VR innovation in Wales, but across the UK and the world.
“We’re proud to have started our business here in Wales and with the brilliant talent, infrastructure and support system, we’re able to grow and develop our products here too.”
Steve Holt, director of Angels Invest Wales, added: “We are delighted to support the development of Rescape Innovation with match funding of £207,500 through the Wales Angel Co-investment Fund.
“This fund is now successfully encouraging new angel syndicates to come together to invest in Welsh businesses.