The company said the funds will help build modern sports cities around the world.
Sports Metaverse startup LootMogul has secured a $200 million investment from Gem Global Yield, giving the company the ability to pay up to $200 million over a 36-month period following a series of equity exchanges.
The company said the funding is expected to boost LootMogul’s development of the metaverse focused on sports, including “building meta (virtual) sports cities around the world with real benefits, products & professional players on cross-reality & blockchain (multichain) platforms on multiple devices such as Oculus, HoloLens, Web, Mobile & Console,” the company said in a statement.
The agreement will allow LootMogul to withdraw funds by issuing shares to GEM with no minimum obligation, allowing the startup to control when and how much the funds will be used.
The move follows a partnership announced in August with blockchain platform DigitalBits to create MOGUL tokens, a citizen token for its gaming ecosystem. The token is set to be added with the XDB/MOGUL pool on the shared NicoSwap exchange.
With a funding of 3.4 billion, GEM has been a source of capital for other startups in the crypto space. In June, the group invested $200 million in the Unizen exchange CeDeFi, and $150 million in the South African H20 Fund through the sale of the H20N token.
