LootMogul, a Santa Monica, CA-based sports metaverse company secured a $200m investment commitment from Gem Global Yield LLC SCS, part of GEM.
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.
Led by Raj Rajkotia, CEO, 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.
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.