Super League Gaming, a famous company in the metaverse gaming industry, recently secured a hefty investment of $23.8M. The fund was raised through the sale of convertible preferred stock to both new and existing investors. These funds will be utilized to clear debts, support the company’s day-to-day operations, and, importantly, finance its growth initiatives.
Super League Gaming, listed on NASDAQ as SLGG, has carved a niche for itself by operating a network of metaverse games and offering game monetization tools across multiple platforms. This new injection of funds was raised in two private rounds, with the preferred stock being issued at a rate of $1000 per share.
The stock sold in this round can be converted into shares of common stock within certain beneficial ownership limitations. More details about these limitations and the registration rights granted to investors are available in the company’s recent Form 8-K filing.
Ann Hand, the CEO of Super League Gaming, expressed her sentiments on the successful fundraising round. She stated that the funds were crucial for supporting Super League’s long-term growth strategy. She added, “We significantly enhanced our balance sheet while obtaining the necessary capital to fund operations and fuel our near-term growth initiatives. We believe this is also a testament to the strength of our team, our strategic vision, and confidence in our ability to execute.”
The fundraising round also saw the participation of affiliates associated with the placement agent SternAegis Ventures. Super League Gaming’s products are recognized on major traditional gaming platforms like Roblox, Minecraft, and Fortnite. Additionally, the company has marked its presence on web3 platforms like The Sandbox by Animoca Brands and Decentraland.