Toronto Stock Exchange Venture Exchange (TSXV) listed Real Luck Group, the parent company of esports betting platform Luckbox, announced that it has raised approximately $17.8M CAD ($14.1M USD) in an oversubscribed private placement deal.
Luckbox initially aimed to raise $5M ($3.95M) but upsized the round to $15M ($11.9M) twenty-four hours later due to being heavily oversubscribed. The company intends to use the private placement net proceeds for working capital and general corporate purposes such as investing in its existing team and scaling user acquisition.
Additionally, Luckbox CEO Quentin Martin revealed that the company is also looking at some M&A opportunities, including esports communities “to help bootstrap our user acquisition in certain markets” and odds companies “to help consolidate the only part of the esports betting value chain that we don’t do in-house.”
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