Picklebet, an online sports betting operator, has successfully secured AUD$15m in a Series A funding round led by investment firm Discerning Capital. Other participants in the round included DraftKings’ venture capital firm Drive by DraftKings and media investors Manifest Investment Partners.
In addition to the initial funding, Picklebet also received follow-on investment from betting and media investor Jeff Sagansky. The company is currently licensed to operate in Australia and has plans for expansion in 2024.
Last year, Picklebet entered into a two-year deal with Racing and Sports (RAS), which provided its risk managed trading service to Picklebet’s racing offering. This was followed by a deal with Oddin.gg for an esports betting solution in 2021.
According to Picklebet CEO Nick Heaney, the investment serves to validate the company’s innovative in-house betting product and organic media strategy, and the value it brings to the next generation of betting customers. The funds raised will be used to accelerate customer acquisition in Australia, continue innovation of the proprietary in-house technology platform and media capabilities, and fund initial international expansion.
Heaney also expressed his excitement about the continued support from Discerning Capital as the company’s growth continues. With Discerning Capital as a strategic partner, Picklebet aims to scale the next phase of its growth and product development, expanding beyond Australia’s shores and reimagining betting and entertainment for the next generation.
Davis Catlin, managing partner at Discerning Capital, believes that Picklebet presents a highly compelling investment opportunity due to its unique blend of in-house technology, in-house content arm, fast growth, and efficient user acquisition. Catlin expressed confidence in the Picklebet team’s ability to execute on their vision.
The funding round signifies a significant milestone for Picklebet as it looks to capitalize on its momentum and drive expansion both domestically and internationally, while continuing to innovate and provide value for its customers.