Crypto funding: Sports metaverse startup LootMogul nets $200 million; Valkyrie bags $74m

It’s not been a great start to the week in the crypto charts, but there’s been some eye-catching funding action – this time involving sports metaverse firm LootMogul, and digital investment player Valkyrie.

Santa Monica-based LootMogul describes itself as “an athlete-led sports metaverse platform that is powered by virtual real estate, training academies, blockchain games, meta shops for brands and athletes with in-real-life (IRL) rewards.”

It’s just received a very hefty chunk of change from GEM Global Yield, providing the company a share subscription facility of up to $200 million for a 36-month term following an equity exchange listing. This will allow LootMogul to draw down funds by issuing equity shares to GEM (Global Emrging Markets) Digital Limited.

And how will the funds be used? According to an announcement, to help push the adoption of blockchain gaming for sports organisations and athletes, by delivering “an immersive sports fans experience”.

1/2 @LootMogul X Global Emerging Markets Group
Excited to announce that LootMogul receives a $200M #investment #commitment from GEM. The investment will be utilized to initiate a series of strategic investments and #partnerships to attain our long-term goal. #Metaverse #gaming pic.twitter.com/XP17jAtH9e

— LootMogul (@LootMogul) September 17, 2022

Explaining that further, LootMogul said the development of its metaverse focuses on sports-themed games including “building meta (virtual) sports cities around the world with real-world benefits, brands and professional athletes on a true cross metaverse and blockchain (multichain) platform on multiple devices such as Oculus, HoloLens, web, mobile and console.”

GEM Digital Limited is a Bahamas-based digital asset investment firm with funds of US$3.4 billion. It’s been a notable capital source for other crypto startups, for instance including the CeDeFi exchange Unizen (US$200 million funding) and H20 Securities (US$150 million).

Valkyrie’s raise focuses on TRON and Avalanche

Meanwhile, Nashville-based alternative investment company Valkyrie has added US$73.6 million in capital into two crypto-focused trust funds.

Valkyrie, according to NewsBTC.com and US Securities and Exchange Commission filings, had US$1.2 billion in assets under management at the end of the second quarter this year.

The first trust fund, which has raised US$50 million, is focused on the TRON (TRX) cryptocurrency. The other one is centred around the Avalanche blockchain and its AVAX token, and has raised roughly US$24 million.

Both these cryptos are layer 1 blockchains and Ethereum competitors.