Fragbite Group has signed a letter of intent with Swedish blockchain expert and venture builder company 4+ Ventures AB and their Switzerland-based affiliate Swiss Peak Ventures GmbH. Already business partners, the intention of the parties is to deepen the partnership in order to move the Company’s upcoming gaming protocol launch, node sales and $KOBAN public launch forward both faster and with higher financial impact. The letter of intent entails a 24% equity share in Fragbite Group subsidiaries Lucky Kat and Wagmi respectively, at a combined total valuation of 5 MEUR.

“Fragbite Group’s web3 business has moved forward with giant leaps since our board member Zara Zamani stepped in as acting CEO. We realised that the web3 business needed an injection of additional expertise, and therefore a few months back initiated a partnership with 4+ Ventures, of which Zara is a co-founder. Today we tie this team closer together which allows us to work even faster and better, not just on the approaching node sales, but also in the long term as we see opportunities to capitalise on synergies between our teams and network in not just web3 but also gaming and esports. A warm welcome 4+ Ventures to Fragbite Group!” says Stefan Tengvall, CEO, Fragbite Group.

“The goal of 4+ Ventures is to back projects that are visionary, innovative and at the forefront of high-tech. What Fragbite Group is doing in web3 gaming and blockchain is truly all that and more, and we are excited to be part of the journey as equity owners. We will support, advice, share resources and amplify the business to our network so that together with Fragbite Group we can maximise current and future revenue opportunities for Lucky Kat and Wagmi,” says Ebba Theding, CEO, 4+ Ventures.

The parties are in the final stages of due diligence and expect to sign an agreement before the end of the year.