Esports betting platform Luckbox has secured over $3.8 million CAD (£2.23 million) in investment during the first tranche of its latest funding round, according to a release.
The investment has been attained as the company prepares to list on the TSX Venture Exchange this summer.
Last month, it was announced that Luckbox had signed a letter of intent with Elephant Hill, as the company unveiled intentions to list itself publicly on the TSX Venture Exchange. Later that same week Luckbox scored a headline investment from Inter Miami footballer Luis Robles, though financial details remain undisclosed.
The offering was increased from a previously-announced range of $2 million CAD (£1.17 million) to $3 million CAD (£1.76 million) after strong interest saw it “heavily oversubscribed.” A second tranche has been announced and will close on June 15th. Both offerings are being co-led by Gravitas Securities Inc and Beacon Securities Inc.
Quentin Martin, CEO of Luckbox, summed up a strong start to 2020 for the company: “It’s been a phenomenal first half of the year for us and that’s been reflected in the interest from investors. We’ve seen a 500% increase in betting volume since March. Turnover has risen to almost 13 times that seen in November 2019, while deposits are up 10-fold since then.”
“Esports is one of the hottest sectors anywhere right now and investors are clearly seeing the opportunity, especially with many alternative forms of entertainment badly affected by the Coronavirus outbreak. We’ve been thrilled with the response so far and I’d like to take this opportunity to thank everyone who’s supported us so far – these are extremely exciting times.”
Esports Insider says: While we’ve seen that the esports industry has not remained unaffected by the unfolding global crisis, Luckbox’s success is a promising sign for the industry. Hopefully, increased interest and investment will result in tangible and long-term growth across the board.