UK-based virtual reality 'sociable network' vTime has raised $7.6 million in Series A funding to accelerate global growth and prepare for the launch of the network's augmented reality experience.

The funding round was led by Deepbridge Capital, and also included investment from Liverpool-based institutional loan and equity provider, MSIF.

For those who aren't aware of vTime, the freemium app is a VR social network that lets users create personalized avatars and socialize with friends across a library of virtual environments.

It's currently available for Android and iOS devices, and supports a variety of tethered and untethered headsets including the Samsung Gear VR, Oculus Rift, Windows Mixed Reality, Google Daydream, and Google Cardboard.

VTime has amassed close to 1 million downloads across all platforms, and will soon be heading to the HTC Vive and PlayStation VR.

"The advent of consumer AR at scale is allowing us to use decades of expertise to develop another unique way to connect and engage with friends and family in alternate realities," said vTime CEO, Martin Kenwright.

"Crucially, Deepbridge share our vision for the future -- both in delivering a matchless social extended reality experience and our expansive plans to monetize and build upon the vTime framework with future technologies."