GameOn Entertainment Technologies, a next-gen fantasy sports platform based in Vancouver, this week secured strategic financing from industry leaders Lightning Capital and Flow, a blockchain platform established by NBA Top Shot maker Dapper Labs.
The new funds, totalling $1.7 million, are set to supercharge GameOn’s web3 game platform, PLAYN3XT, and bolster the acquisition of major league intellectual property partners.
The funding arrangement is twofold: a convertible note series led by Lightning Capital, valued at $1.2 million, and a non-dilutive grant from the Flow Ecosystem Fund. Lightning Capital, a digital asset investment firm, offers operational expertise to portfolio companies and has a track record in web3 investments.
“GameOn’s cutting-edge technology and proven ability to scale major brand partnerships is an exceptional investment opportunity,” noted Jock Percy, General Partner at Lightning.
The Flow Ecosystem Fund represents the largest joint commitment to any blockchain ecosystem. Originated by Dapper Labs, Flow boasts partnerships with an array of organizations, including NBA, Ubisoft, and UFC, and has received investment from a lineup of entities including Google Ventures and Samsung.
“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 organizations that foster success.”
Since its acquisition by Victory Square Technologies portfolio company V2 Games in an all-stock transaction, GameOn has grown into a prominent player in the interactive, social experiences sector.
The company aims to capitalize on tech-forward trends such as NFT-based games following a strategic partnership with Polygon & Polygon Studios in 2021. Forging partnerships with Comcast, NBCUniversal, and more, GameOn has proven an ability to navigate and succeed in a booming gaming and sports betting market.
The startup collaborates with sports and entertainment IPs to launch brand-building, money-making web3 games—and in the process turns regular gamers into super-fans who spend more money.
“We’re aggressively honing in on major league IP acquisition that will return scaled profitability, fuelled by best-in-class product and execution,” Bailey said.
To discuss the funding, financial filings, and future prospects of the company, GameOn will be hosting an investor webinar on July 6.