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GEM raises investment commitment in UAE-based Everdome metaverse for product development and growth

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GEM Digital Limited (GEM), a Bahama-based digital assets investment firm, has increased its investment commitment in UAE-based metaverse startup Everdome from $10 million to $60 million. 

The increased investment commitment follows Everdome’s recent change of management in appointing Jeremy Lopez as CEO, and clearly demonstrates their strongest support and commitment to the new management’s previous track record and commitment to the vision of the project moving forward.

Everdome CEO, Jeremy Lopez states: ‘’The expansion of the investment commitment from GEM Digital is a huge show of faith in Everdome’s concept, our growth to date, and the capacity of the management team to quickly scale the company across multiple fronts, in marketing, infrastructure, product releases and partnership acquisitions, taking Everdome from concept to a business with real ROI and a vibrantly active metaverse community on a global scale. GEM has been much more than a financial partner; they have been supportive throughout our partnership discussions and have helped open doors with new partners and exchanges.’’

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In August 2022, GEM committed $10M to Everdome, of which the majority has already been drawn down by Everdome and utilised GEM’s investment proceeds towards the development of the metaverse project.

GEM’s investment will be focused on actions that move Everdome from a conceptual, visionary project into its new phase of delivery and expansion, as they build on the solid foundations created through 2022 to expand the company in key areas.

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Investment will be completely focused on the fundamentals necessary to take Everdome to the next level of success, including product development, scalability and growth.

These fundamentals include core product delivery, to ensure Everdome opens to the public as soon as possible, infrastructure boosting to allow heavy traffic loads in a high-fidelity environment, tools for users to create and build inside Everdome as well as growth in users and partners.

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GEM‘s investment comes in the form of a further structured token subscription agreement. Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation. At its discretion, Everdome has the ability to sell up to 200% of their average daily volume, in tokens across multiple exchanges to GEM Digital. 

As Everdome has strategically leveraged and drawn down the majority of their initial investment commitment to accelerate their product offering and expand upon their initial timelines and scope, now is the time to add resources behind the delivery stage of their business.

This investment comes at a good moment for Everdome, following on from successful server scaling tests of their first in-world experience with our Moon Skimmer release, as well as upcoming full environment access for a community numbering in the tens of thousands and Mars landing experience.

This strategic investment partnership with GEM Digital primes Everdome for a dynamic new era of growth and development, injecting pace and power across the multiple areas planned.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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