THE COMPANY SAID THE FUNDS WILL SUPPORT THE BUILDING OF VIRTUAL SPORTS CITIES AROUND THE WORLD
Sports Metaverse startup LootMogul has secured a US$200 million investment commitment from Gem Global Yield, giving the company the option to subscribe up to US$200 million over a 36-month period following its IPO.
The company said the funding is expected to support the development of LootMogul's sports-focused meta, including "building meta (virtual) sports cities around the world with real-world benefits, brands and professional athletes on a true cross-meta and blockchain (multichain) on across multiple devices such as Oculus, HoloLens, Web, Mobile & Console,” the company explained in a statement.
The deal will allow LootMogul to raise funds by issuing GEM shares with no minimum drawdown obligation, and will allow the startup to control when and how much funds are used.
The move follows a partnership announced in August with open-source blockchain DigitalBits to create MOGUL tokens, a native token for its gaming ecosystem. The token is set to be added to the XDB/MOGUL liquidity pool on the NicoSwap decentralized exchange.
With 3.4 billion in funding, GEM has been a source of capital for other startups in the crypto space. In June, the group invested $200 million in CeDeFi exchange Unizen and $150 million in South Africa-based H20 Securities through the H20N token sale.