Pannone Corporate advises on USD $8m investment to fund first metaverse gaming league
Pannone Corporate has advised on the USD $8 million investment into games studio and developer of virtual worlds, Dubit. The multi-million dollar deal will fund the world’s first live esports league in the metaverse, starting in Roblox.
Our Manchester law firm acted as legal adviser to Metaventures founder and French investor Jean-Charles Capelli, who led the funding round. The Pannone team was led by Tom Hall (Corporate Partner), Andrew Walsh and Behzad Borang.
The capital funding values Dubit at USD $55 million and will enable the Yorkshire-based company to expand its existing metaverse activity, with the launch of the inaugural Metaverse Gaming League (MGL) – branded gaming events and esports tournaments. Following its launch on Roblox, the company intends to expand into other leading metaverse gaming platforms, such as Minecraft and Core.
Tom Hall commented: “We’re delighted to have worked alongside Metaventures and Jean-Charles in what is a hugely exciting deal in a rapidly growing technology space.
“The metaverse is grabbing both headlines and people’s imaginations, as major players commit to the virtual world. With a strong reputation amongst global brands for its development capabilities, the multi-million investment will undoubtedly provide Dubit with further momentum as it continues to expand its presence in the virtual world.”
Established in 1999, Dubit works with companies such as Disney, Facebook and Lego, and is already taking brands into Roblox. As part of its ambitious growth strategy, Metaventures and Dubit also plan to create consumer lifestyle experiences such as concerts and fashion shows for the metaverse.
Jean-Charles Capelli said: “Dubit is in the perfect position to take advantage of the new opportunities in the metaverse. No other company has 20 years’ experience in developing and launching virtual worlds, combined with a great network of brands and organisations that it works with around the world. As an entrepreneur and musician, I’m proud to invest in Dubit, and I’m excited to help scale up the incredible experiences it creates for users of Roblox and other metaverses.”
This news is another great example of PLG firms working together, as Lamy Lexel, France introduced the file to Pannone Corporate.