You may recall that a little while back that we reported that Luckbox’s second round of financing raised a further CA$627k in late June. Well since then, the final count has been made and Luckbox have announced that the funding rounds are now closed and that across both rounds of financing, the company has raised $5 million CAD ahead of its listing on the TSX Venture Exchange later in the year.
When the company goes public on the TSX Exchange under the reserved ticker ‘LUCK’ later this autumn, its investors will be hoping that the 500% upturn in betting volume since March 2020, combined with a 10x increase in the number of deposits made on the site since November 2019, is indicative of a healthy performance on the market.
One of those investors has been revealed to be the goalkeeper Luis Robles, a Major League Soccer player for Inter Miami, the franchise that is co-owned by former England captain David Beckham.
The move to a publicly listed company was overseen by the capital pool company Elephant Hill. They entered a deal with Luckbox in May to convert the issues and outstanding common shares. Both companies also restructured at boardroom level with members of the Luckbox management team joining the restructured board of Elephant Hill.
When details of the Luckbox going public, the financing rounds proved very popular and were quickly oversubscribed, chiefly because of the massive growth of esports in the first half of 2020, which allowed Luckbox to accelerate their listing plans, as Quentin Martin the CEO of Luckbox explained.
“The management team and board of directors have been working hard to prepare for the public listing. We have enjoyed positive discussions with the TSXV, complete the Business Plan required for filing, draft financials are complete, with final audit sign-off expected by the end of July. Ultimately we anticipate receiving TSXV listing approval by October 2020.”
“Our management team believes that the esports betting market will continue to grow and that the company is one of the bookmakers that will be leading the way globally.”
“In summary, Luckbox is pleased to have completed a $5m financing in connection with its go-public transaction by way of a business combination with Elephant Hill during a challenging period while successfully meeting its Q1 and Q2 roadmap targets which included adding additional languages, user acquisition partners and additional esports titles.
“We have made tremendous progress in 2020 and look forward to becoming only the second dedicated esports betting company on a public exchange.”
New Recruitment Drive
Following the conclusion of the funding rounds, Luckbox has wasted little time in announcing that it will now be seeking to appoint qualified personnel for five key positions within the company. This will include a senior marketing manager, who will be tasked with keeping the momentum gained this year going.
Part of that strategy will include scaling up its global marketing campaigns, acquiring additional gaming licenses to offer new markets and securing a deal with an odds provider in the form of a B2B deal.