Esports wagering platform Luckbox has completed its pre-IPO financing round, raising CAD $4.5 million (€3m) in working capital.
This June, Luckbox announced that it would host a private investor funding round ahead of its planned Summer IPO on Toronto’s TSX Ventures Exchange.
Following an initial oversubscribed placement, co-led by Gravitas Inc and Beacon Securities, Luckbox raised CAD $3.8 million (€2.5m) in investments.
Meeting investor demand, Luckbox management extended the firm’s financing period in which it has further secured CAD $630,000.
Luckbox will use the CAD $4.5 million proceeds to fund its aggressive future growth strategy, having seen its betting volume increase 500% alongside a ten-fold increase in deposits recorded by its esports platform.
Luckbox CEO Quentin Martin 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.”
Seeking to list as a TSX Ventures esports enterprise, Luckbox will publish its company prospectus within the coming days.
The firm’s IPO will be scheduled and planned by TSX fund Elephant Hill Capital, 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.”