London-based Veloce Media Group announced earlier this month that it has secured an investment “of up to” $50M USD from Bahamas-based digital asset management firm GEM Digital Limited through “a structured token subscription agreement.”
The funding is aimed at its blockchain token VEXT (described as a “blockchain utility and governance token”) that it announced on March 16 as part of a shift into Web3. The company said in a release that it will use this funding to acquire other racing and gaming-related properties.
Veloce Media Group operates gaming and racing platform Veloce Esports, and esports sim racing team Veloce Racing. Across all of its network properties, Veloce Media Group claims that it has 35M subscribers worldwide and nearly 1B monthly views. It also operates professional sim racing teams for Mercedes AMG, Ferrari, Yas Heat, and F1 driver Lando Norris’ brand, Quadrant.