Digital trading card developer and publisher VirtTrade has signed a deal with Formula 1 to develop a range on online collectibles.

The Tunbridge Wells-based company works with licensors to create apps for a modern day version of collecting and trading cards and competing in games.

The Formula 1 partnership follows the recent agreement of a three-year collaboration with Valiant Comics to develop an extensive digital collectibles app, based on the company's characters and titles.

Paul Mayze, managing director of VirtTrade, said: "We are thrilled to be working with Formula 1 and the opportunity that the brand presents for a digital collecting experience. We look forward to helping Formula 1 and its owners enter a new space to engage fans and drive revenue streams."

Mike Hayes, head of digital and digital entertainment at Mercia Technologies, which invests in VirtTrade, said: "This is a really exciting time for VirtTrade and Mercia is pleased to continue supporting the business as it goes from strength to strength, by building strategic partnerships with high-profile brands such as Formula 1, the Discovery Channel and Valiant Comics. We look forward to seeing the business scale and grow, delivering shareholder value over the medium term."

Adam Crothers, head of digital new business at Formula 1, added: "VirtTrade offers F1 a new and alternative take on presenting our mix of content as well as a new entry point for fans. We think their unique take on collectibles gamification will be a hit with our current fan-base too and the product offers a game type environment that isn't simply simulation based."