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Picklebet secures AUD$15 million in Series A funding

Posted : 29 November 2023

Australian sports and esports betting company Picklebet has successfully raised AUD$15 million (~£7.94 million) in a Series A financing round. The funds will be utilized to enhance and expand Picklebet's offerings and support its international expansion in 2024. The financing round was led by Discerning Capital, a Nevada-based investment firm specializing in the intersection of gambling, sports, media, and technology. 

 

Other participants include media investors Drive by DraftKings and Manifest Investment, along with established media investor Jeff Sagansky, who has previously invested in esports projects. Picklebet, founded in 2020, started with a focus on esports betting and later expanded to racing and sports, offering a proprietary online betting platform and sports betting content through its media brand, Pickle Studios.

 

This funding round coincides with other significant esports investments, such as UK-based Guild Esports raising £1 million and £130,000 in a follow-on fundraise, and esports tournament organizer BLAST securing a €12.7 million (~£11 million) investment. 

 

Picklebet CEO Nick Heaney expressed enthusiasm about the investment, stating that it validates their innovative in-house betting product and organic media strategy, emphasizing the value it provides to the next generation of betting customers. 

 

With a strong 12 months of growth, including a 494% YoY increase in NGR and favorable unit economics on new customer cohorts, Picklebet plans to use the raised funds to accelerate customer acquisition in Australia, continue innovation in its proprietary technology platform, and support initial international expansion.

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