Parable plans to use the emerging format for modern storytelling across the entertainment, brand marketing and training sectors.
It has been co-founded by former director of programmes at The Garden Productions, David Wise and former president of Economist Films, Nicholas Minter-Green.
Parable represents the latest investment from the Indie Growth Fund, headed by Laura Franses and takes the fund into a new direction.
Lambert has been appointed as chairman. His Studio Lambert, part of All3Media, is responsible for hit shows Undercover Boss, Gogglebox and Four in a Bed.
“Virtual reality is the most exciting technological media development of the next few years, but its success hangs or falls on creating great content. I know David and Nicky well and I have no doubt they will quickly establish themselves as a leading global supplier of engaging innovative VR content, which is why I’m delighted to be involved in this new business as its non-exec chairman,” said Lambert.
Parable has already completed two 360° 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.
The global VR market is currently valued around £800 million and is expected to grow to nearly £100 billion by 2020 with the technology increasingly being explored by traditional business sectors across the UK.