Esports wagering platform Luckbox completed its round of pre-IPO funding, raising CAD $4.5 million ( € 3 million) in working capital.
On Toronto’s TSX Ventures Exchange, Luckbox announced this June that it will host a private investor funding round ahead of its planned Summer IPO.
After an initial over-subscribed offering, co-led by Gravitas Inc and Beacon Securities, Luckbox raised CAD ‘s investment of $3.8 million (€2.5 m).
Meeting investor demand, Luckbox management has expanded the funding duration of the company in which it has raised $630,000 CAD further.
Luckbox will use the proceeds of CAD $4.5 million to fund its ambitious future growth plan, having experienced a 500 percent increase in bet volume alongside a tenfold increase in deposits generated by its sports platform.
Quentin Martin, CEO of Luckbox, has said: “Esports has been one of the few industries to thrive during the Covid-19 outbreak and its enormous potential has been brought into sharper focus. Investors have clearly taken note and their support for us puts us in an even stronger position to accelerate our growth plans.”
Luckbox will issue its company prospectus in the coming days seeking to be listed as a TSX Ventures esports enterprise.
TSX fund Elephant Hill Capital will schedule and prepare the IPO of the company, whose President and CEO Mo Fazil commented on Luckbox prospects:
“As evidenced by the oversubscribed subscription receipts offering, we continue to be enthusiastic about our proposed business combination with Luckbox.
“The esports market continues to expand with each passing month and Luckbox is positioned to be one of the leading esports betting companies in an exciting growth industry.”