Sports Metaverse company secures $200 million funding

Sports Metaverse company secures $200 million funding


Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield, providing the company a share subscription facility of up to $200 million for a 36-month term following an equity exchange listing. 

The company said that the funding is expected to boost the development of LootMogul’s metaverse focused on sports games, including “building meta (virtual) sports cities around the world with real-world benefits, brands & professional athletes on a true cross metaverse & blockchain (multichain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console,” explained the company in a statement.

The deal will allow LootMogul to withdraw funds by issuing equity shares to GEM without a minimum drawdown obligation, and allowing the startup to control when and how much funds

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