- Sports metaverse company LootMogule has secured $200 million in funding from Gem Global Yield.
- GGY will provide LootMogul with a subscription potential of up to $200 million for a period of 36 months.
- LootMogul controls the timing and maximum size of such a withdrawal but has no commitment to a minimum rollback.
Gem Global Yield LLC (GGY), an alternative investment group, has committed $200 million to the LootMogul sports metaverse to accelerate the adoption of blockchain games for sports organizations and athletes.
The development came in a press release from PRNewswire on Friday, noting that it was a move to provide an immersive experience for sports fans.
Under the terms of the agreement, GGY will provide LootMogul with an equity subscription facility of up to $200 million for a period of 36 months after the shares are listed on the exchange. The listing allowed LootMogul to withdraw funds by issuing equity shares to GGY. LootMogul controls the timing and maximum size of such a withdrawal but has no commitment to a minimum rollback.
Additionally, the funding will accelerate the growth of the LootMogul Sports metaverse. The company said in a statement:
The funding will help build virtual sports cities around the world with real-world benefits, brands, and professional athletes on a true multi-chain platform across the metaverse on multiple devices such as Oculus, HoloLens, Web, Mobile & Console.
Raj Rajkotia, CEO of LootMogul, added, “The investment commitment from GGY empowers athletes, fans, and brands to provide immersive engagement and tools to bridge experiences between Web3 metaverses and the real world.”
GGY, which has $3.4 billion in assets, has provided funding for several crypto companies. By selling the H20N token in June, the group invested $300 million in the CeDeFi Unizen exchange and $150 million in South African company H20 Securities.
LootMogul, which has secured $200 million in funding from Gem Global, has secured post-Sport Metaverse funding for the first time in a Coin Edition.