Luckbox confirmed that it has completed a funding round of CAD $3.8 million (€ 2.5 million), as it prepares to be listed on the Toronto TSX Venture Exchange.
The esports bookmaker exceeded his expectations by announcing that investors were over-subscribing to its funding round, which had originally targeted a $2-3 million CAD range.
Satisfying investor interest, Luckbox confirmed that Gravitas Inc and Beacon Securities will host a further funding round closing on Monday , June 15.
Quentin Martin, CEO of Luckbox, said: “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.”
Last month, Luckbox announced it had TSX fund and ‘capital pool’ advisor Elephant Hill Capital planning its Summer 2020 IPO, where the company will float on the TSX Venture Exchange – Toronto’s marketplace for fast-growing, small-to-mid-sized businesses.
The Isle of Man enterprise detailed that the company had achieved peak performance in the lockdown period after seeing a recording of a 500 percent uplift in esport wagers.
Martin added: “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 will become only the second publicly-listed esports company in the world, so our offering is an extremely rare opportunity- these are extremely exciting times.”