Channel 4 has dipped into its Growth Fund to take a minority stake in new VR firm Parable.
The UK-based company, which was co-founded by former president of Economist Films, Nicholas Minter Green, and former director of programmes at The Garden Productions, David Wise, has also received investment from The Economist, along with Studio Lambert CEO, Stephen Lambert. The move will see Lambert become chairman of Parable.
“We’ve been watching the VR and AR markets with interest as they move away from their Silicon Valley roots and increasingly attract the attention of media owners and brands,” said Channel 4 CEO David Abraham.
“Parable are storytellers first and foremost and present a great opportunity for our Indie Growth Fund to work with a talented team with a bold ambition to break into this exciting new sector.”
Parable have already completed two 360-degree documentaries for The Economist with Blancpain, and are in "advanced conversations with several major broadcasters and an array of established on-screen talent" regarding upcoming projects for this year.
Minter-Green added: “There’s no doubt that we are witnessing the emergence of a Virtual Reality revolution."
“The investments, the platforms, the technology and the content are all emerging at pace. This technology will transform the way we entertain, educate and interact.”