UAE Metaverse Startup ‘Everdome’ Secures $60 Million from GEM Digital
The investment will help accelerate the development of the startup’s metaverse projects.
Bahama-based digital assets investment firm, GEM Digital Limited (GEM), has raised its investment commitment in UAE-based metaverse startup Everdome from $10 million to $60 million. The new investment will focus on product development, scalability, and growth.
The investment will help accelerate the development of the startup’s metaverse projects, including core product delivery, infrastructure boosting, and tools for users to create and build inside Everdome. The aim is to expand the company in key areas and move Everdome from a conceptual project into a phase of delivery and expansion.
GEM had committed $10 million to Everdome in August 2022, of which the majority had already been drawn down and used for the development of the project. The latest investment by GEM 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.
Everdome has the discretion to sell up to 200% of their average daily volume in tokens across multiple exchanges to GEM Digital.
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