Veloce launches £10m fundraise through world-first token giving investors governance rights in the sporting group




Next-gen sports ecosystem launches SAFT funding round in latest step towards Web 3.0 evolution

  • New “$VEXT” token will offer holders unprecedented levels of utility across Veloce’s growing Esports and Racing ecosystem
  • Introduction of new token is the next step in Veloce’s Web 3.0 evolution
  • Veloce targeting £10 million by end of Q4 2022/Q1 2023 through SAFTs with £2.5m already committed

London, 29 September 2022 – Veloce Group (“Veloce”), the world’s largest digital racing media network, today announces that it is raising £10 million through a Simple Agreement for Future Token (“SAFT”) funding round from accredited investors. £2.5m has already been committed by investors.

The new $VEXT token further reaffirms Veloce’s commitment to becoming the world’s first truly decentralised real-world sporting group. Investors in $VEXT will obtain voting and governance rights, allowing them to shape and influence decisions in everything from new investments and league entries to driver line-ups and environmental legacy projects for Veloce teams across real-life racing and gaming.

Alongside the powerful voting features $VEXT will provide unrivalled utility, including transactional functionality, allowing investors, owners and fans to:

  • Access unique and exclusive global sporting and gaming events
  • Play, and make purchases in, online games integrated with $VEXT and a new Veloce predictor platform
  • Redeem tokens in exchange for real-world and digital products across Veloce’s brands, such as Quadrant, Veloce Extreme-E and Team Pacquaio

The launch of $VEXT is the next step in Veloce’s evolution to Web 3.0 and its commitment to becoming the world’s first community-owned, decentralised real-world sporting group.

Rupert Svendsen-Cook, CEO of Veloce Group, said: “We want our fans to help us build the best version of Veloce, and this is being made possible through the development of our Web 3.0 ecosystem. Ultimately, our goal is to create a sustainable, modern and forward-looking sports entertainment platform where fans and investors are recognised for their engagement and where they have a say in the future of Veloce.

“We think we have something valuable to bring to the Web 3.0 industry. We have a proven track record of establishing and growing communities by providing real value and utility to our loyal fan base, and we’re excited about bringing Veloce and Web 3.0 to the masses.

“This is about giving rights, rewarding involvement and meaningful engagement and building utility. $VEXT provides a unique proposition to the market – not only does it give holders the opportunity to become more involved in the ongoing direction of Veloce through voting and engagement, but it will also give them an enhanced and more rewarding experience across esports and real-world racing.”

Veloce’s intention is to launch $VEXT tokens via an IDO later this year.

Veloce has become one of the fastest growing modern media and sports rights holders in the UK. In 2022 alone Veloce has: engaged Mishcon de Reya’s highly regarded technology consultancy, MDRxTech, to assist in its Web 3.0 evolution; officially announced its plans for Web 3.0 transformation; and broke half a billion monthly views across its network of channels. Veloce has also achieved strong growth, with total Group revenue growth of 96% YoY.

About the author, Declan Yin

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