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UPDATE: It has been confirmed that VR headset manufacturer Pimax is behind the investment. Read our exclusive interview and the latest details.
Le Mans Ultimate developers, and parent company Motorsport Games, are breathing a collective sigh of relief this evening as it receives fresh investment to the tune of $2.5 million.
Motorsport Games has a tortuous recent financial history, which led to redundancies and the scaling down of the operation, which included the cancellation of an IndyCar game and the sale of NASCAR gaming rights.
It publicly opened up about the need for investment or an acquisition in October last year.
Le Mans Ultimate, meanwhile, was released into an early access programme in February of 2024, then riddled with flaws but with a fundamentally solid driving experience. Since then, a spate of game updates and additional content have arrived, culminating in record player numbers.
It is set to complete the 2024 FIA WEC season content in May, alongside key features such as mid-race online driver swaps and customised livery designs. A Version 1.0 release, thus existing Early Access, is expected within 2025.
Today’s filing with the U.S. Securities and Exchange Commission details a $2.5 million investment for 1,894,892 of Motorsport Games’ Class A common stock and a pre-funded warrant for a further 377,836 shares.
Who the investment is remains undisclosed, although Traxion understands a tech equipment outfit could be behind the cash injection.
Such quantities should not result in a controlling stake, which remains with the majority shareholder, Driven Lifestyle.
This investment is set to sure up the future of the project. Motorsport Games also believes it has now regained compliance with the Nasdaq stock exchange, where it is currently listed under terms of an extension.
Traxion has reached out to Motorsport Games for comment.
UPDATE: It has been confirmed that VR headset manufacturer Pimax is behind the investment. Read our exclusive interview and the latest details.
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