- GameOn Entertainment Technologies (GET) has obtained a US$560,000 loan from Proje Ventures Inc.
- The loan carries a non-compounding interest rate of 14 per cent per annum payable monthly and is secured against GameOn’s monthly recurring revenue
- GameOn intends to use the proceeds from the loan for general working capital purposes
- Proje was launched in 2020 and has grown into a leading capital advisory and venture capital firm
- GameOn partners with the world’s biggest sports, media, and entertainment IPs to launch brand-building, money-making web3 prediction and fantasy games
- GameOn Entertainment Technologies Inc. (GET) is up 8.33 per cent on the day, trading at C$0.065 per share at 11 am ET
GameOn Entertainment Technologies (GET) has obtained a US$560,000 loan from Proje Ventures Inc.
Founder & CEO of Proje, Farid Dordar, is a former world kickboxing champion and Founder and former CEO of Perfectmind. Farid helps visionary founders by providing capital and advisory services through his venture capital firm, Proje.
GameOn intends to use the proceeds from the loan for general working capital purposes.
GameOn reported $207,151 in revenue in Q1, 2022, up from $2,791 in Q1, 2021. Management believes that the company is on track to reach $1M in revenue in 2022, and is on track to reach profitability in 2023.
“This strategic partnership with Proje sets us up to not only survive the current market conditions, but thrive beyond that,” said Matt Bailey, CEO of GameOn.
“The cash injection, as well as the booked revenue scheduled to go live in Q3, Q4, and next year, has us on track for self-sustainability and profitability in 2023.”
The loan carries a non-compounding interest rate of 14 per cent per annum payable monthly. The loan matures in 18 months and is secured against GameOn’s monthly recurring revenue.
GameOn partners with the world’s biggest sports, media, and entertainment IPs to launch brand-building, money-making web3 prediction and fantasy games. Customers include NBCUniversal, Bravo, MX Player, Gaming Society, Tetavi, and Chibi Dinos.
Proje was launched in 2020 and has grown into a leading capital advisory and venture capital firm.
GameOn Entertainment Technologies Inc. (GET) is up 8.33 per cent on the day, trading at C$0.065 per share at 11 am ET.