Sports Metaverse Startup Notches Up $200 Million for Virtual Sports Cities
The sports metaverse startup LootMogul has secured a $200 million investment commitment that will go into the building of virtual sports cities across the globe.
The investment commitment came from Gem Global Yield in the form of a share subscription facility amounting to up to $200 million and covering a 36-month period. This follows an equity exchange listing.
LootMogul intends to use the funds to boost the building of its metaverse which is focused on sports games and includes the building of virtual cities around the world. The sports metaverse cities will have real-world benefits, brands, and even professional athletes, all on a true cross-metaverse and blockchain (multichain) platform. The company says the sports metaverse will be available on a variety of platforms including Web, Oculus, HoloLens, and Mobile & Console.
The funding will deal will enable LootMogul to withdraw funds through the issue of equity shares to GEM without grappling with a minimum drawdown obligation. The startup will be able to control when and how these funds are used.
The latest funding follows LootMogul’s partnership with the open-source blockchain DigitalBits in August for the development of MOGUL tokens which are the native tokens for LootMogul’s gaming ecosystem. The MOGUL token will be added to the decentralized exchange NicoSwap, together with an XDB/MOGUL liquidity pool.
GEM has a funding pool of $3.4 billion and has been relied upon by other startups working in the crypto space. In June this year, GEM Global Yield invested $200 million in Unizen, a CeDeFi exchange, and $150 million in South Africa-based H20 Securities via the sale of H20N tokens.