Australian PE Advent Partners takes control of VR gaming firm Zero Latency

Australian private equity firm Advent Partners has taken a majority stake in Melbourne-based virtual reality gaming Zero Latency VR for an undisclosed amount.

The PE firm said it acquired the stake through its Advent Partners 2 Fund, alongside founders and management as well as local venture capital firm Carthona Capital, an early investor in Zero Latency.

Advent Partners 2 Fund is a $300-million, mid-market expansion and buyout vehicle. Its portfolio includes Silk Laser Clinics, which was listed on the Australian stock market in 2020; Compass Education, a student software group; Mandoe, a digital signage software; and Medtech, a management software firm.

Zero Latency was founded in 2013 after an initial crowdfunding round. It is now widely regarded as one of the global pioneers of “warehouse scale” virtual reality. It has over 50 sites across the Americas, Europe, Middle East, and Asia-Pacific, including seven company-owned sites in Australia and other licensed sites offshore.

The Melbourne-based gaming firm said it creates immersive VR experiences for up to eight players by combining hardware and player wearables with its technology, proprietary software, and exclusive gaming content.

Advent Partners said Zero Latency is now at an inflection point and is looking to accelerate its network expansion plans as consumers move up the experience curve, increasing VR’s mass-market appeal.

Data cited by the PE firm showed that the location-based VR market is attractive at $3.6 billion globally, with the market expected to grow at over 30% annually from 2018 to 2026.

“It is the ideal time to get into the location-based VR sector, with consumers increasingly seeking new experiences, creating a large opportunity for Zero Latency VR,” said Symon Vegter, who, along with Mark Jago, oversaw the transaction for Advent Partners.

Zero Latency co-founders Tim Ruse, Scott Vandonkelaar, and Kyel Smith will continue to lead the business in their roles as CEO, CTO, and COO respectively.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.