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GameOn Closes $1.7m Funding to Fuel Major League Push, Led by Lightning Capital & Flow

June 16, 2023 By Crypto Reporter PR

GameOn Entertainment Technologies Inc. (“GameOn” or the “Company”), a next generation fantasy sports platform partnered with the world’s biggest IPs to launch, operate, and monetize web3 games, today announces a strategic financing from industry heavyweights, Lightning Capital and Flow, the blockchain platform started by NBA Top Shot maker Dapper Labs. The funds will be used to accelerate GameOn’s PLAYN3XT platform and acquisition of major league IP partners.

The total amount raised is $1.7m from two instruments:

  • A series of convertible notes led by Lightning Capital (the “Investment”), signed on June 8, 2023. The Investment has a face value of $1.2m and simple interest at the annual rate of 10% per annum. Full terms of the Investment are detailed below.
  • A non-dilutive grant from the Flow Ecosystem Fund, signed on June 5, 2023. The grant is subject to certain to-be-announced major league projects and milestones.

“Earning conviction from web3 powerhouses is a nod to our team, product, and business,’ said GameOn CEO, Matt Bailey. “We continue to surround ourselves with resources, people, and companies that foster success. We’re honing in on major league IP acquisition that will return scaled profitability, fueled by best-in-class product and execution.”

Lightning Capital is a trusted Digital Asset Investment Firm combining deep web3 knowledge and experience with a 3+ year audited track record. They offer Investors diverse risk/reward exposure across three distinct funds. Lightning Venture Fund focuses on early stage investments with the largest total addressable market in projects, protocols, and picks-and-shovels businesses that are providers of hardware, software, and services to the digital asset and web3 ecosystem. Lightning Capital targets 10-20 investments per fund and provides invaluable operational expertise to portfolio companies.

“GameOn’s cutting-edge technology and proven ability to scale major brand partnerships is an exceptional investment opportunity,” said Lightning Capital General Partner, Jock Percy. “Matt and team are world class, and we’re excited to help drive and operationally support their major league strategy as a long term partner.”

The Flow Ecosystem Fund is the largest joint commitment made towards any blockchain ecosystem. Flow is the blockchain platform started by Dapper Labs, the company behind NBA Top Shot. Dapper Labs’ current studio partners include the NBA, NBPA, WNBA, WNBPA, LaLiga, Warner Music Group, Ubisoft, Genies, and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Coatue, Union Square Ventures, Venrock, BOND, GIC, Google Ventures (GV), Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.

“We’re blown away by GameOn’s next generation fantasy sports platform,” said SVP Flow Ecosystem Partnerships, Mickey Maher. “There is a track record of IPs having huge success on Flow, like NBA Top Shot from Dapper Labs. We can’t wait to share that knowledge, experience, and network, and be a key strategic partner to GameOn’s long term success.”

GameOn is hosting an investor webinar on July 6 to discuss the funding, financial filings, and what’s next for the company. Please email matt@gameon.app to be added to the event invite.

Filed Under: Press Releases

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