Sports Metaverse Startup LootMogul Gets $200M Funding

LootMogul, an athlete-led sports metaverse startup, has received a $200 million investment commitment from Global Emerging Markets (GEM) Global Yield, allowing the platform a subscription facility of up to $200 million for a 36-month term following an equity exchange listing. Funds will be withdrawn in exchange for equity shares to GEM.

LootMogul is an athlete-led sports web 3 platform powered by virtual real estate, training academies, blockchain games, meta shops for brands and athletes with in-real-life (IRL) rewards

The new capital, will aid in expanding the LootMogul’s metaverse, the company said in a press release, “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.”

In August, LootMogul signed a deal with open-source blockchain DigitalBits for the creation of a native token for its gaming ecosystem, MOGUL.

With investments of 3.4 billion in a diverse set of investment vehicles, GEM has been actively sourcing, structuring, and investing in utility tokens and startups. In June, the investment group invested $110 million in EcoWatt, a new frontrunner in blockchain-powered renewable energy.