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Global Mofy Metaverse Launches $69 Million Fund with Strategic Partners to Foster Growth Opportunities in the AI, Digital Economy and Entertainment Sectors
BEIJING, July 02, 2024 (GLOBE NEWSWIRE) -- Global Mofy Metaverse Limited (the "Company" or "Global Mofy Metaverse") (Nasdaq: GMM), a technology solutions
About this update from Global Mofy Ai Limited
[{"type":"text","content":"BEIJING, July 02, 2024 (GLOBE NEWSWIRE) -- Global Mofy Metaverse Limited (the \"Company\" or \"Global Mofy Metaverse\") (Nasdaq: GMM), a technology solutions provider engaged in virtual content production and the development of digital assets for use in the broader digital entertainment industry, today announced that its subsidiary, Global Mofy (Beijing) Technology Co., Ltd. (“Beijing Mofy”), entered into a letter of intent (the “LOI”) regarding the launch of a US$69 million fund with strategic partners. This fund aims to foster growth opportunities through acquisitions and investments in Global Mofy Metaverse’ up and downstream companies in the rapidly expanding AI, digital economy and entertainment sectors. The new Yangzhou Hengyun Mofy Digital Equity Investment Fund (“the fund”), will include strategic partners Yi Zheng Yangzi Culture and Tourism Holding Group Co., Ltd. (“Yangzi”) and Beijing Hengyun International Private Equity Fund Management Co., Ltd. (“Beijing Hengyun”). Beijing Mofy and Yangzi will each contribute to the initial funding, collectively setting a committed capital of US$69 million. As a limited partner, Global Mofy Metaverse will participate in investment voting decisions, focusing on high-quality projects that align with our company's business interests. We will also coordinate industry resources to promote the successful implementation of these investment projects. Yangzi will co-invest and be responsible for coordinating government resources. Beijing Hengyun, as the fund manager, will oversee the fund's operations and investment decisions, ensuring standardized processes through professional fund management. The fund leverages the combined strengths of private equity, Global Mofy as a publicly listed company, and government support to drive enterprise development and attract investment. This three-dimensional empowerment framework ensures robust growth and strategic advantages in the digital economy. The fund will start actively assessing investment prospects within its targeted sectors, intending to allocate initial funds in the latter half of 2024. Mr. Haogang Yang, CEO of Global Mofy Metaverse, stated, “This marks a significant turning point for Global Mofy. As industries rapidly evolve, our aim is to support entrepreneurs while ensuring that Global Mofy Metaverse is strategically positioned to levera...