Esports betting company Rivalry has secured CAD $10 million (~£5.8m) in a private placement financing round led by bookmaker Pinnacle.
The proceeds from the funding will help Rivalry to accelerate its growth opportunities and operational goals.
The financing round will issue 6.6 million voting shares in Rivalry’s capital priced at CAD $1.50 (~£0.88) per share, subject to regulatory approval. The financing round comes after two years of revenue growth and record-breaking results for Rivalry.
Aside from improving its financial forecasts, Rivalry continues to expand its offerings and partnership portfolio. It recently entered Dota 2 alongside Filipino esports organisation Blacklist International and strengthened its existing partnership with Australian esports organisation Grayhound Gaming.
Esports betting is rapidly growing, with Oddin.gg raising $4.5m (~£3.6m) in a Series A financing round in August 2022.
Steven Salz, Co-founder and CEO of Rivalry, expressed confidence in the company’s future: “We are growing rapidly with a successful strategy in place and talented team behind us, and with this funding we anticipate both continuing our pace of growth and our trend toward profitability.”
Rivalry has also released its Q4 2022 results, including its full-year financial results for 2022 and preliminary results for Q1 2023. The company saw a 140% increase in revenue and a 349% increase in gross profit year-on-year for 2022. It also achieved “all-time-high quarterly revenue” for Q1 2023 with revenue of CAD $12m, up 151% year-on-year, according to a release.
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