Second tranche takes Luckbox financing to $4.5m CAD

Dedicated esports betting platform Luckbox has completed a second tranche of funding, attracting a further $627,650 CAD from investors.

It takes the total raised in the offering to date to $4,505,874 CAD, after a first tranche was completed with proceeds of $3,878,224 CAD.

Luckbox is a licensed platform providing real-money betting on 13 esports to fans in more than 100 territories across the world. The company has enjoyed a highly successful first half of 2020, with the Covid-19 lockdown prompting a surge in esports betting activity.

The offering was heavily oversubscribed and subsequently upsized from the previously announced range of $2,000,000 CAD to $3,000,000 CAD.

Last month, it was 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 TSX Venture Exchange.

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.”

Mo Fazil, President and CEO for Elephant Hill said: “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.”