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Proteus VR Labs

Consumer Products
UK - London
Date Rated:
Valuation (Pre Money):
Industry: Consumer Products
Location: UK - London
Platform: Crowdcube
£220,000 Expansion
Valuation: £2,420,242
Date Rated: 03/10/17



Tax Status: EIS

Business Summary

Proteus VR Labs develop headsets allowing customers to use their mobile phones as virtual reality screens at a fraction of the cost of dedicated equipment such as the Oculus Rift. Their first product, the Freefly VR is available globally and has sold over 80k units. These funds will be used to build stock of their next generation Freefly device, and to run marketing activities.

Financial Overview




There is insufficient information available to provide a financial overview



The management team covers all the essential roles and the teams engineering and marketing ability has already been demonstrated by their successful launch of the first Freefly product.
The established team has ample experience between them, much of which is highly relevant and provides valuable industry contacts and knowledge.
The Founders have worked together at Proteus for some time but it is unclear how much cash they have committed. They still work with their industrial design company, though this is synergistic.
The AR/VR sector is young but already large and growing rapidly. Dedicated hardware is expensive and mobile solutions are proving a popular way for consumers to get involved on a budget.
Previous versions of the Freefly have sold well and generated praise from tech press and users alike. An expanding selection of additional controllers and content add possible upside.
If consumers take to the surround-lighting feature then the applied-for patents covering that could prove very valuable. But this is a very active sector with some well funded competitors.
There is insufficient information available to fairly rate this aspect of the business


The Proteus team has already demonstrated their ability to build and sell successful mobile-VR headsets. The next iteration of the Freefly should build on that with some innovative features, and pending patents could provide a valuable source of revenue if those innovations gain traction with other manufacturers.

It is disappointing that as a company with established revenue Proteus has elected not to share detailed financial projections or historic information, though they mention that the year to Jul-17 was EBITDA-positive, which is encouraging.

Related Links

Crowdcube Pitch


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