The Boundary sale, which delivered 2.4x MoC for Mobeus and a 37% IRR, marks the fifth realisation for Mobeus 1 which has now returned almost all investor capital with more than half of the portfolio yet to be realised.
Mobeus initially invested in The Boundary in May 2021 supporting the incumbent team of Tom Wood (CEO) Henry Goss (Creative Director) and Peter Guthrie (Technical Director). With Mobeus’s support, The Boundary enhanced its internal systems, developed proprietary software tools, and emerged as the world’s leading real time rendering focused VR studio in the architectural industry. Mobeus also worked with management to strengthen the senior team with the addition of a CFO and COO, as well as introducing Andrew McGuinness to the board as Chair.
Mobeus provided follow on funding to make two key acquisitions in September 2021 and December 2023, which significantly expanded the company’s scale and capabilities. The transformational acquisition of New Zealand based Buildmedia extended The Boundary’s international reach and brought in market-leading technology.
Since Mobeus’s initial investment, The Boundary’s profits have grown by 2.5x. The company now operates with 100 skilled 3D artists and software developers across three offices on three continents.
Mobeus Investment Director Dominic Draysey, who led the original investment and the exit for Mobeus, said: “I first met Tom, Peter and Henry in December 2020 and was immediately taken by their passion for the business, their attention to detail, and their dedication to delivering exceptional products for their clients. It has been a pleasure to work alongside them, and to watch the business go from strength to strength. Their success is testament to their hard work and the solid culture they have built and maintained. We look forward to watching them continue to grow the business alongside their new investors.”
The Boundary shareholders, including Mobeus, were advised on the sale by Joe Donnelly (Arma Partners) and Raymond James (both Corporate Finance) and Dahren Naidoo, Fiona Woodhead, and Farrell Tang (Freeths – Legal)