Top Level Domain Holdings Limited,also known as Mind + Machines,announced today that it has received up to $15 million in funding to support its participation in an auction in relation a specific gTLD application.

You can read the press release after the jump :

“The Board of Top Level Domain Holdings Limited announces that the Company has agreed a funding facility to support its participation in a prospective auction in relation to a specific contested gTLD application. The conditional funding will be provided solely in exchange for a perpetual share in the gross revenue generated by the gTLD string so funded (“Auction gTLD”) should the Company be successful in the auction.

Under the funding agreement, TLDH has the right to call up to US$10m, to be used exclusively to acquire from ICANN the right for the Company to own and operate the Auction gTLD.  The funding provider has the right to increase its funding by up to a further US$5m. The funding provider’s participation will be limited to a share of the gross revenues from the future operation of the Auction gTLD. The funding is not repayable other than through the gross revenue share. TLDH will retain sole management rights and responsibilities in the running of the Auction gTLD.

“We believe that this funding model provides an attractive way to secure the resources to participate in an auction of those contended strings that we believe have significant revenue potential, while at the same time avoiding dilution to our shareholders,” said Fred Krueger, executive chairman.