The Caisse de dépôt et placement du Québec has invested in a Montreal-based virtual reality studio that’s known for collaborating with franchises such as Cirque du Soleil, Jurassic World and Wild.
The pension fund, along with Comcast Ventures and two other investors, helped Felix & Paul Studios raise US$6.8 million in its Series A funding.
“Our investment in Felix & Paul Studios is aligned with our strategy to support innovative Quebec businesses and to facilitate their growth and success in international markets,” said Christian Dubé, executive vice-president, Quebec at Caisse, in a press release.
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“This transaction will solidify Felix & Paul Studios’ position as a leader in the virtual reality industry, a sector bound to grow significantly in years to come.”
The studio will use the investment to expand its 37-member team, production software and distribution networks. Over the past year, the company has grown with offices in Montreal and Los Angeles, and more than 30 projects in development.
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“We are excited to use this new capital to accelerate our goal of building a global [virtual reality] studio – known for producing the highest caliber of immersive and engaging [virtual reality] experiences for everyone to enjoy,” said Stéphane Rituit, co-founder, president and executive producer at Felix & Paul Studios.