Last Updated on May 18, 2023
Quick take:
- Karate Combat has raised $18 million in a funding round led by Bitkraft Ventures.
- The full-contact professional sports promoter is building a mixed-reality live sports league.
- Delphi Digital, The Operating Group, Alpha Wave Global, Hashkey, Lattice, M13, Santiago Santos, and RooxieXBT also participated in the round.
Karate Combat has announced an $18 million funding round led by Bitcraft Ventures. The full-contact professional sports promoter is building a mixed reality live sports league with web3 features.
The fundraising also attracted participation from Delphi Digital, The Operating Group, Alpha Wave Global, Hashkey, Lattice, M13, Santiago Santos, and RooxieXBT, among others.
The League’s mixed reality technology is powered by Epic Games’ photorealistic 3D tech Unreal Engine.
The fresh capital will be used the accelerate the development of the platform ahead of the May 10, 2023 launch of the Karate Combat app. The company will also be launching the League’s utility token $KARATE, which fans can earn through the app and by watching matches.
Fans can then use the token to back different fighters or stake it in Karate Combat’s decentralised autonomous organisation (DAO) enabling them to weigh in on the direction of the company.
There will also be a leaderboard that fans can climb up by winning battles against each other.
Commenting on his company’s leading role in the funding round, Carlos Pereira, partner at Bitkraft Ventures said: “Sports league value largely emerges from the quality of the competition, and the passion and loyalty of the fan base. Karate Combat is leveraging its Web3 tools and ethos to shift how fans engage with their favourite sports by building direct relationships, aligning incentives and enabling influence over every aspect of the league.”
“More than that, it’s doing it with an incredibly fresh and differentiated media that strikes all of its fans as ‘videogames meet MMA’, making it a fun and doubly-innovative new partner for Bitkraft,” he added.
According to the announcement, the Karate Combat League has already onboarded more than 4.5 million worldwide, broadcasting in over 100 countries.
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