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 will be used.
The move follows a partnership announced in August with the open-source blockchain DigitalBits for the creation of the MOGUL tokens, a native token for its gaming ecosystem. The token is set to be added with an XDB/MOGUL liquidity pool on the decentralized exchange NicoSwap.
With funds of 3.4 billion, GEM has been a source of capital for other startups in the crypto space. In June, the group invested $200 million in the CeDeFi exchange Unizen, and $150 million in the South Africa-based H20 Securities through the sale of the H20N token.