Web3 Ventures Provides Update on Strategic Investments
Web3 Ventures Inc. makes US$500,000 investment in Rocket Wellness Inc. to support the growth of Rocket VR Health, a digital health platform that helps users improve their mental health and well-being with guided live support groups, engaging mindfulness meditations, and transformational VR experiences
Web3 Ventures Inc. makes US$125,000 investment in Contango Digital Assets Inc., a venture capital firm investing in blockchain projects
Web3 Ventures Inc. makes US$55,000 investment in Dynasty Studios, Inc., a VC-backed game company creating never-before-seen gameplay experiences
Web3 Ventures, a diversified investment company focused on technical and cultural breakthroughs for the decentralized web, is pleased to announce a strategic investment in Rocket Wellness Inc. (“RWI”), Contango Digital Assets Inc. (“Contango”), and Dynasty Studios, Inc. (“Dynasty”).
AI Insights: How AI NFTs Are Unlocking the Democratization of the Digital Economy
“Community is a foundational pillar of Web3 Ventures’ investment strategy,” said David Nikzad, CEO of W3V. “We are proud to partner with Rocket Wellness Inc., Contango Digital Assets Inc. and Dynasty Studios, Inc. as they continue to accelerate their businesses around community – Rocket Wellness is disrupting how AR/VR therapy is used to help patients; Contango is providing access to institutional grade investments in Web 3.0 and blockchain to retail syndicates; and Dynasty Studios is designing the best-in-class content and play to earn experiences for gamers. We appreciate the creativity, innovation and leadership teams behind these companies, and remain focused on investing in companies defining the future of web3.”
Rocket Wellness Inc.
W3V has entered into an arm’s length US$250,000 principal amount convertible debenture (the “Convertible Note”) to invest in RWI pursuant to which the Company has agreed to lend RWI US$250,000, payable in two tranches of US$125,000 for 12 months at a rate of 8.0% per annum compounded annually. The principal amount and accrued and unpaid interest under the debenture is convertible into common shares of RWI at at a US$2,000,0000 valuation with a maturity date of 12 months. The Company has also entered into a share swap agreement (the “Share Swap Agreement”) with RWI wherein 1,666,667 subordinate voting shares of the Company will be exchanged for 1,250,000 common shares of RWI. The value of the share exchange pursuant to the Share Swap Agreement is US$250,000. RWI currently has 11,385,000 common shares issued and outstanding.
Following conversion of the loan pursuant to the Convertible Note and completion of exchange of shares pursuant to the Share Swap Agreement, the Company will hold approximately 25% of the issued and outstanding shares of RWI. In connection with the entering into of the Convertible Note and Share Swap Agreement, the Company has entered into an investor rights agreement with RWI granting the Company the right to appoint a nominee to the board of directors of RWI and the right to participate in future financings of RWI.
Read More about AI and Data Analytics : Why Only AI and Data Analytics Can Stop Financial Criminals
The Rocket VR Health platform, developed by RWI, is a digital health platform that offers virtual reality therapeutic experiences and programs. RWI is transforming the mental health treatment landscape by offering immersive live support groups, interactive mindfulness meditations, and evidence-based therapy programs.
Contango Digital Assets Inc.
The Company is also pleased to announce that it has entered into an agreement with respect to a subscription of US$125,000, in the form of a Simple Agreement for Future Equity (the “Contango SAFE”), in Contango. The Contango SAFE will give the Company an approximate equity interest of 5% in Contango, subject to conversion at a priced equity fundraising round of Contango with a valuation cap of US$2,500,000. In connection with the Contango SAFE, the Company has been granted the right to nominate a member to the board of directors of Contango.
Contango is a venture capital firm seeking to make web3 more globally accessible by investing in early-stage infrastructure and consumer applications while delivering added-value services such as advisory, launch support and staffing for its portfolio companies. Contango is domiciled in the British Virgin Islands and regulated by the British Virgin Islands Financial Services Commission.
Dynasty Studios, Inc.
The Company is further pleased to announce that it has completed a subscription of US$55,000, in the form of a Simple Agreement for Future Equity (the “Dynasty SAFE”), in Dynasty. The Dynasty SAFE will give the Company an approximate equity interest of 1% in Dynasty, subject to conversion at a priced equity fundraising round of Dynasty with a valuation cap of US$40 million.
Dynasty is a VC-backed game company creating next-generation games. Striving to lead the mass adoption of blockchain technology through never-before-seen gameplay experiences, Dynasty aims to shape the future of gaming by creating new, superior player experiences powered through community ownership and player-driven economies.
Latest ChatGPT Insights : How ChatGPT Will Transform Customer Service
[To share your insights with us, please write to firstname.lastname@example.org]
Comments are closed.