Sport Metaverse Firm LootMogul Secures $200 Million Funding from Gem Global Yield
$200 Million Funding to Revolutionize Sports Metaverse
LootMogul, a pioneering sports metaverse company, has secured a $200 million investment from Gem Global Yield (GGY), a prominent alternative investment group. This funding is designed to accelerate the adoption of blockchain gaming for sports organizations and athletes, while delivering immersive experiences for fans worldwide.
Key Terms of the Investment
The investment provides LootMogul with a share subscription facility of up to $200 million over 36 months. LootMogul retains full control over the timing and size of drawdowns, with no minimum obligation to access the funds. This flexible structure allows the company to allocate resources strategically as it expands its metaverse platform.
Enhancing the Sports Metaverse Experience
The funding will enable LootMogul to build virtual sports cities globally, integrating real-world benefits, brands, and professional athletes. These virtual environments will operate on a cross-metaverse, multi-chain platform, accessible across devices such as Oculus, HoloLens, Web, Mobile, and Console. This initiative aims to bridge the gap between web3 metaverses and real-world experiences.
CEO Raj Rajkotia on the Investment
Raj Rajkotia, CEO of LootMogul, emphasized that the investment empowers athletes, fans, and brands to engage more deeply through immersive tools and experiences. This collaboration is expected to enhance the convergence of sports, gaming, and blockchain technology.
GGY's Investment Strategy
Gem Global Yield, managing $3.4 billion in assets, has been actively investing in cryptocurrency and blockchain-based companies. Recent investments include $300 million in the CeDeFi exchange Unizen and $150 million in H20 Securities, showcasing GGY's commitment to innovative financial technologies.
This strategic funding positions LootMogul to lead the sports metaverse sector, offering cutting-edge experiences that redefine fan engagement and virtual sports interactions.
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