SANTA MONICA, Calif., Sept. 16, 2022 /PRNewswire/ -- Sports Metaverse company LootMogul secured a $200 million investment commitment from Gem Global Yield LLC SCS (GGY), part of GEM, that will expedite the adoption of blockchain gaming for sports organizations and athletes and truly deliver an immersive sports fans experience.
GEM will provide LootMogul with a share subscription facility of up to $200 million for a 36-month term following an equity exchange listing, which will allow LootMogul to draw down funds by issuing equity shares to GEM. LootMogul will control the timing and the maximum size of such drawdowns and has no minimum drawdown obligation.
The funding is expected to help in provide the financial flexibility to help in strategic development plans for LootMogul's metaverse which includes 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.
"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 Raj Rajkotia, CEO, LootMogul.
About LootMogul
LootMogul is an athlete-led sports metaverse (web 3 platform) that is powered by virtual real estate, training academies, blockchain games, meta shops for brands and athletes with in-real-life (IRL) rewards. LootMogul is expanding the web3 community by bringing web 2 gamers and sports fanatics to the metaverse. For more details, visit: https://lootmogul.com
About GEM
GEM Digital Limited is a digital asset investment firm. Based in The Bahamas, the firm actively sources, structures, and invests in promising utility tokens listed on over 30 centralized and decentralized exchanges globally.
Global Emerging Markets ("GEM") is a $3.4 billion alternative investment group that manages a diverse set of investment vehicles and has completed over 540 transactions in 72 countries. GEM's investment vehicles provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum. Its family of funds and investment vehicles provide GEM and its partners with exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs) and select venture investments. For more information: https://www.gemny.com/
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SOURCE Lootmogul
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