Esports betting platform Luckbox has completed the first tranche of a funding round, attracting more than  $3.8m CAD (€2.5m) from investors.

Luckbox has enjoyed a “phenomenal” first half of 2020 and is preparing to list on the TSX Venture Exchange this summer.

The offering was heavily oversubscribed and subsequently upsized from the previously announced range of $2m CAD to $3m CAD.

With sustained and strong interest in the offering, a second tranche of financing has been announced – closing Monday 15th June – again co-led by Gravitas Securities Inc and Beacon Securities Inc.

It was last month announced that Luckbox had signed a letter of intent with Elephant Hill Capital Inc (TSXV: EH.P), a capital pool company, with the intent to list on the TSXV.

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.

“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.

“We’ve been thrilled with the response so far and I’d like to take this opportunity to thank everyone who’s supported us so far – these are extremely exciting times.”

By George Miller

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.