Earnings+More - Startup funding bounces back in Q1
Startup funding bounces back in Q1Quarterly funding roundup, GeoComply’s Challenger event, Inside the Raise – Winible +More
The grime on buildings is just a memory. Sector funding reboundBounceback: Funding for betting and gaming startups and scale-up companies rebounded significantly in the first quarter after a relatively poor year for raises in 2023, according to data collected by Earnings+More.
Feeling better, again: The biggest raise during the quarter came with Betr, which raised for the fourth time, this time going back to the well for a further $15m and increasing its valuation, yet again, to $375m.
Making a splash: The next biggest raise in the quarter came from P2P sports strategy games provider Splash Sports, which achieved a series A2 led by Boston Seed, Velvet Sea Ventures, K5, Elysian Park, Acies Investments, Accomplice, Counterview and others.
The Zeal thing: Outside of the top 10, Zeal Ventures made its latest investment, putting €1m into UK-based prize games operator Daymade. There were also five deals where the amount raised was not disclosed.
Among the gaming-endemic investment funds, Yolo Investments was one of the busiest, being the lead investor in new games developer Just Slots as well as having involvement in the funding of Forever Network’s new Basketball Forever F2P game.
Above and beyond: Additionally in Q1, BeyondPlay was sold to Flutter for an undisclosed sum that sources suggested would have been “close to” $25m. The jackpot management tech provider founded by Karolina Pelc has been bought to bolster FanDuel’s iCasino offering. Regulatory compliance is such an important feature of iGaming that it is vital to understand its role. For this reason, we spoke with our Senior Compliance Director Ohad Straschnov to understand the work he and his teams carry out. From legal standards to contract negotiations and conforming to regulations, read the article to find out how Ohad’s team enables Soft2Bet and its partners to operate in regulated markets worldwide. https://www.soft2bet.com/news/understanding-the-role-of-compliance-in-igaming +More StartupsPredictive sports analytics outfit Caerus has announced a multi-season partnership with a top Italian Serie A club. Caerus was formed by Mike Adams, an analytics and risk management expert who has worked with names such as FanDuel and bet365.
Cipher Sports Technology has launched a new service for bettors called Dimers Pro, which analyzes real-time data from over 20 leagues and, the company said, provides sophisticated sports bettors with information to inform their betting strategies. View Dimers Pro here. Invincible: The AI-powered virtual-sports provider said the response to the beta launch of its Owners Club mobile horseracing game has been “overwhelmingly positive”, with an average of 392 NFT owners playing daily. Sparket: The California-based sports-betting content platform has added Kent Young to its advisory board. Also this month, the company expanded its partnership with the World Jai Alai League. Daily fantasy sports operator ThriveFantasy has failed to secure additional funding, which could result in a shutdown of the business, according to LegalSportsReport. Lagos, Nigeria-based iCasino studio Shacks Evolution Studios has announced a strategic partnership with BetStarters. Content provider Jogo Global has signed a deal with ITV Studios, gaining access to huge entertainment brands including The Voice and Hell’s Kitchen. Startup focusesBoston-based season-long fantasy sports provider Bettle Fantasy Sport. AI-driven sports-betting tools provider SharpStakes. LA-based gamification operator Locker. New York-based slots developer Supremeland, GeoComply NY Challenger eventSupport group: Ahead of GeoComply’s Challenger event taking place in New York on May 7, Earnings+More spoke to company co-founder and director David Briggs about the inspiration for providing a forum in the sector for entrepreneurs and their backers to discuss shared issues and difficulties. The event takes place at Citi’s downtown headquarters and Briggs says its involvement, and particularly the buy-in of its gaming sector investment banking lead Andrew Fabian, was crucial to getting the initial idea off the ground.
The Challenger event debut took place last May and Briggs says that having a line-up of top-notch speakers who were willing to share their time and insights proved to be a huge success.
Drawing in the talent: Briggs says that when it came to this year’s edition, it was the triumph of the previous two events that made it that much easier attracting speakers. “Even though we started with a group of people that I felt that I knew, it's already morphed into its own thing,” he says.
For Briggs, that is about bringing together the “community of founders from all stages of their journey” and allowing them to “honestly share about the mistakes they made.” “Then the next generation has a better chance of skipping over a landmine or two and increasing their chances of success.”
Briggs says his plans for the event are to expand into other verticals, for example, the OTT streaming space where GeoComply has also established itself as a core enabling technology, and run it again with Citi. Maximize Your ROI from Meta. Tired of underperforming Meta campaigns? InclineBet's data-driven approach unlocks exceptional results. Leverage our proven track record in Meta media buying for the iGaming industry. Drive high-value customers and unbeatable cost efficiency. See our case studies. Visit our website. incline.bet Inside the raise – WinibleA win win: The gaming affiliate influencer platform has raised $6m in seed funding from investors, including Inspired Capital. Earnings+More spoke to Noah Traisman, Winible’s founder and CEO, and Mark Batsiyan, co-founder and general partner at Inspired, about how they hope the money will enable the subscription-based service to leverage OSB growth. Where’s the money going? Traisman says Winible is investing in the product and the engineering teams to provide for the “nuanced needs” of the sports-influencer community. With a new HQ in Miami set to open, the company hopes to use it as a venue for events and masterclasses for its 100-plus handicappers and what it likes to call its “betrepreneuers.” Funding backgrounder: Winible previously raised $500k through a friends and family round, including unicorn founders and successful entrepreneurs in adjacent industries.
An Inspired choice: Batsiyan adds that what excited Inspired was Winible’s ability to generate a large audience in a capital-efficient manner. “As the sports-betting market sees exponential growth, there has been an intense amount of marketing dollars spent by the various sports books as they compete over betting customers and work to increase awareness of sports betting,” he adds.
Next up: Batsiyan says Inspired is looking at further potential investments in the sports-betting space. “We continue to look at the betting and gaming space and continue to look for companies that are either innovating on exciting new business models or new technology that can benefit from the overall market growth,” he adds. Calendar
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