Media and racing company Veloce Media Group has announced a funding round led by GEM Digital Limited, totalling $50m (~£39m).
The investment will be done through a structured token subscription agreement meaning that GEM will invest up to $50m into Veloce’s token, VEXT. The investment will be used to scale and grow the company.
Based in London, Veloce Media Group is the owner of gaming and racing platform Veloce Esports as well as racing team Veloce Racing, which competes in the Extreme E electric off-road racing series.
As well as operating its own simulation racing team called Veloce Elites, the company handles simulation racing teams for a number of real-world racing brands such as Mercedes AMG, Ferrari, McLaren and Yas Heat. Veloce is also behind Qadrant, a joint esports brand created with F1 driver Lando Norris.
Interestingly, Veloce created its own beer with Swiss brewery 1936 in October of 2021.
Veloce has been working on incorporating Web3 technology into its products since 2022, and has recently launched its blockchain utility and governance token called VEXT. The company said in a release that the introduction of the token will position Veloce as a ‘leading decentralised gaming and sports media organisation’.
According to Velce, the token will also provide holders with ‘real utility’ through a variety of games.
Daniel Bailey, Chief Commercial Officer at Veloce and CEO of Veloce Racing, commented on the announcement: “This is a very exciting transaction. It comes very soon after the announcement of VEXT and our plans to evolve our media and sports group into this truly innovative space; validating Veloce’s position as a pioneer in the industry.
“The GEM commitment will allow us to focus on growth and expansion, through acquisition of more gaming and real-life racing properties, ultimately giving our vast community further VEXT utility and influence.”