Luckbox has confirmed that it has completed a CAD $3.8 million (€2.5m) funding round, as it imminently prepares to list on the Toronto TSX Venture Exchange.
The esports bookmaker outperformed its expectations by announcing that investors oversubscribed to its funding round, which had originally targeted a range of CAD $2-3 million.
Satisfying investor interest, Luckbox has confirmed that it will host a further funding round closing on Monday 15 June co-led by Gravitas Inc and Beacon Securities.
Luckbox CEO Quentin Martin 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 that it had TSX fund and ‘capital pool’ advisor Elephant Hill Capital to plan its summer 2020 IPO, in which the company will float on the TSX Venture Exchange – Toronto’s marketplace for small-to-mid sized fast-growth enterprises.
The Isle of Man enterprise detailed that the lockdown period had seen the company achieve peak performance after seeing a recording a ‘500% uplift in esports wagers.
“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,” Martin added.
“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.”