Mishcon de Reya recently advised The Veloce Media Group on its token subscription agreement. This agreement was an integral part of its recent funding round, led by GEM Digital Limited, which successfully raised a $50 million token facility. This significant investment is set to catapult Veloce into a new Web3 era of decentralised gaming and sports media.
What is Veloce Media Group?
Veloce Media Group, Founded in 2018, is a multi-pillared gaming and sports media group operating across some of the most innovative, fast-growing, and future-focused sectors in the UK. Headquartered in London, the Veloce brand comprises of the industry-leading gaming and racing platform, Veloce Esports, race-winning outfit, Veloce Racing, currently competing in the renowned Extreme E championship, and recently release utility token VEXT.
As the world’s largest digital racing media network, Veloce has so far attracted over 35 million subscribers and one billion monthly views across various social media platforms, including YouTube and Twitch. Veloce has firmly established itself as a global leader in the gaming media world and a conscientious sporting brand with a mission to engage, educate and excite audiences around climate change, gender equality and sustainable technology initiatives.
Veloce is also partnered with a number of high-profile teams from across the globe, running multiple gaming and esports team operations, including Mercedes AMG, McLaren, Ferrari, and Yas Heat. In addition, well established JV sub-brands, including Lando Norris’ gaming and lifestyle brand Quadrant, make up another key aspect of Veloce’s vast global network.
Helping Veloce to reach the next gear
Mishcon de Reya supported Veloce in its major investment commitment of $50 million from Gem Digital limited in consideration for the issue of VEXT tokens.
This investment positions Veloce as a trailblazing decentralised gaming and sports media company, ensuring that token holders benefit from real utility across Veloce Media Group's diverse assets, integrated into a range of games.
The partnership between Veloce and GEM Digital is a testament to their shared journey of navigating the modern world of utility token investments in innovative industries.
What does the future hold for Veloce?
The introduction of VEXT tokens has solidified Veloce's position as industry pioneers. This partnership with GEM will fuel its growth, facilitating acquisitions in the gaming and real-life racing sectors, thereby enhancing VEXT utility and extending its influence within its extensive community of players, viewers, and participants.
What they said
Daniel Bailey, CEO of Veloce Racing said: “It was a pleasure working with Callum and his team at Mishcon de Reya. Their team made the process as seamless as possible for such a ground-breaking deal. The introduction of VEXT tokens to the market and subsequent platform launches has been the focus of the business for the last couple of years and to attract the interest of a company such as GEM and subsequently conclude a partnership has been pivotal in creating confidence around the product. On a personal front it was also great to work with Callum whose father raced with my father back in the 1980s and 1990s. It was a coincidence but a poignant one.”
What we said
Partner, Geoff Dragon commented: "We were delighted to work with both Veloce and are colleagues at MDRx on this transaction! The token market is an exciting and still reasonable new space with lots of potential for companies looking at alternative and interesting ways to finance their business, and Veloce has paved the way as true market leaders in showing what can be done. We're excited to see what Veloce does next! The transaction itself is a great testament to what Mishcon Future can provide for clients, combining our legal expertise with the technical and sector-specific knowledge from Tom and the MDRx team."
Associate, Callum Blundell added: "It was an absolute pleasure to help this deal over the finish line for Veloce! It was also a "full circle" moment for Dan and I. Dan's father, Julian, was teammates with my father back in 89'/90' at the 24hrs of Le Mans (and again in 2002) - so it was nice to have the next generation working together! Special thanks go to Geoff and Tom for all their assistance and expert guidance on this deal, as well as our colleagues at MDRx!"
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