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Sports Metaverse LootMogul receives $200M investment commitment from GEM

An alternative investment group, Gem Global Yield LLC (GGY), has contributed $200 million to the sports metaverse firm LootMogul in order to accelerate the adoption of blockchain gaming for sports organisations and athletes. On September 16, PRNewswire issued a press release noting that it was an attempt to provide an immersive experience for sports enthusiasts.

Gem Global Yield LLC offer to sports metaverse firm

GGY will offer LootMogul a share subscription facility of up to $200 million for 36 months following a stock exchange listing, according to the terms of the deal. The IPO enabled LootMogul to raise capital by issuing equity shares to GGY. LootMogul has control over the timing and magnitude of such drawdowns, but there is no minimum drawdown requirement. The money will also hasten the expansion of LootMogul’s sports gaming metaverse. The company’s statement reads in part:

“The funding will help build virtual sports cities worldwide with real-world benefits, brands and professional athletes on a true cross-metaverse multi-chain platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console.”

Sports Metaverse LootMogul receives $200M investment commitment from GEM
Sports Metaverse LootMogul receives $200M investment commitment from GEM

The financial commitment from GGY enables athletes, fans, and marketers by offering immersive interaction and tools to bridge experiences across web3 metaverses and the real world, according to Raj Rajkotia, CEO of LootMogul. GGY, which has assets of around 3.4 billion, has funded a number of cryptocurrency businesses. The group invested $300 million in the CeDeFi exchange Unizen and $150 million in the South African company H20 Securities through the sale of the H20N token in June.

Global Emerging Markets (“GEM”) is an alternative investment company with $3.4 billion in assets under management. It has completed over 540 transactions in 72 nations. The group and its clients have access to a diverse array of asset classes throughout the whole spectrum of global private investing thanks to GEM’s investment vehicles. GEM and its partners have access to small-mid cap management buyouts, private investments in public equities (PIPEs), and some venture investments through its family of funds and investment vehicles.

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