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Tuesday, June 25, 2024
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Sports Metaverse Platform Gets $200M Injection

  • LootMogul has partnered with more than 180 professional athletes in the U.S.
  • The platform will build more than 200 virtual cities with the investment.
LootMogul

Sports-focused blockchain gaming platform LootMogul has secured a $200 million investment from alternative investment firm Global Emerging Markets. 

LootMogul will use the capital to build metaverse gaming environments allowing fans to engage with athletes, teams, and brands via virtual “sport cities.” 

  • LootMogul has partnered with more than 180 professional athletes in the U.S.
  • It is currently onboarding over 1.5 million high school and college athletes.
  • The platform will build more than 200 virtual cities with the investment from GEM.
  • It plans to have those cities available across multiple platforms, including Meta’s Oculus

As part of the investment, GEM will give the California-based platform a share subscription facility of up to $200 million for 36 months following an equity exchange listing. 

The transaction allows LootMogul to withdraw funds by issuing equity shares to GEM. 

Blockchain and Metaverse Deals 

Software and venture firm Animoca Brands recently raised $110 million, valuing the NBA Top Shot and blockchain gaming investor at more than $5 billion.

In July, metaverse builder Infinite Reality closed its deal to acquire esports and entertainment conglomerate ReKTGlobal, Inc. for $470 million, valuing the combined entity at $2.47 billion.

That same month, gaming-focused VC firm Konvoy Ventures raised $150 million for Konvoy Fund III, which will have 20% to 30% of its funds allocated toward blockchain-related games.

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