LootMogul , a Sports Metaverse startup, secured a $200m investment commitment from Gem Global Yield. This provided the company with a share subscription facility up to $200m for a period of 36 months following an equity exchange listing.
According to the company, the funding will be used to develop LootMogul’s metaverse, which is focused on sports. It includes “building meta (virtual), sports cities around the globe with real-world benefits and brands, professional athletes, on a true, cross metaverse & multichain platform on multiple devices such Oculus, HoloLens Web, Mobile & Console,” stated the company in a statement.
LootMogul will now be able to withdraw funds without any minimum drawdown obligations. LootMogul will also be able to issue equity shares to GEM, which will allow the startup to decide when and how funds will go.
This move comes after a partnership with DigitalBits, an open-source blockchain for creating MOGUL tokens. It is a native token that the company uses to support its gaming ecosystem. The token will be added to the NicoSwap decentralized exchange NicoBits (XDB/MOGUL liquidity pool).
GEM, which has funds of 3.4billion, has been a capital source for other crypto startups. The group invested $200 millions in CeDeFi’s Unizen exchange, and $150 million into H20 Securities in South Africa via the sale H20N token.