Metaverse firm LootMogul which focuses on sports and athletes, secured a $200 million funding commitment from GEM Global Yield LLC (GGY), an alternative investment fund, to accelerate the adoption of blockchain gaming.
According to the agreement terms, GGY will extend a share subscription facility of up to $200 million for 36 months after an equity exchange listing, allowing LootMogul to drawdown funds by issuing equity shares. LootMogul will have control over the timing and size of drawdowns without any minimum withdrawal limit.
“LootMogul is super excited about this investment commitment from GEM as it empowers athletes, fans and brands to provide an immersive engagement and tools to bridge experiences between web 3 metaverses and real world,” said LootMogul’s CEO Raj Rajkotia.
The company said that it will use the funds for the strategic development of the platform by “building meta (virtual) sports cities around the world with real world benefits, brands & professional athletes on a true cross metaverse & blockchain (multi-chain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console.”
In August, LootMogul announced its native gaming token MOGUL in partnership with open-source blockchain DigitalBits. The token is scheduled to be added to an XDB/MOGUL liquidity pool on NicoSwap, a decentralized exchange.
Bahama-based GEM is a $3.4 billion alternative investment group with over 500 deals across 72 countries. Its recent investments include a $200 million funding to CeDeFi exchange Unizen in June and a $150 million extension to South Africa-based H20 Securities.
