Australian betting and media company Picklebet announced the completion of a Series A funding round worth AUD 15 million ($9.9 Million). The round was led by Discerning Capital, an investment company specializing in online gambling, sports, media, and technology.
“After a particularly strong 12 months of growth which saw NGR up 494% YoY and favorable unit economics on new customer cohorts, this investment validates our innovative in-house betting product and organic media strategy, and the value it delivers to the next generation of betting customers,” said Picklebet CEO Nick Heaney.
“We look forward to utilizing the funds raised to accelerate customer acquisition in Australia, continued innovation of our proprietary in-house technology platform and media capabilities, and fund our initial international expansion.”
Participants in the funding round included Drive by DraftKings, which focuses on sports technology and entertainment; and Manifest Investment Partners, which invests in media. The round also included a follow-up investment from Jeff Sagansky, known for his involvement in betting and media.
Picklebet sportsbook
Picklebet’s online sports betting platform, initially focused on esports, has expanded its operations to include betting on sports and races. It offers options such as singles, parlays, and same-game or race parlays, as well as outrights. The company, which is licensed and operates in Australia, plans to expand internationally in 2024.
The company’s media division, known as Pickle Studios, produces media content focused on sports and esports. As of 2023, Pickle Studios has achieved over 60 million impressions on social media channels such as TikTok, Instagram, and YouTube. Pickle Studios’ content strategy aims to support brand recognition and reduce customer acquisition costs for the company’s online sports betting product.
Heaney continued: “We have the ideal strategic partners in Discerning Capital, the leading growth stage online sports betting and gaming investors in the market, to support us as we scale the next phase of our growth and product development. We will be leaning on their industry insights and expertise as we expand beyond Australia’s shores, and deliver on our mission to reimagine betting and entertainment for the next generation.”
“We have evaluated online sportsbook deals all around the world and we felt that Picklebet’s unique blend of in-house technology, in-house content arm, fast growth, and efficient user acquisition made it a highly compelling opportunity. We have been working closely with the team and have the utmost confidence in their ability to execute on their vision,” said Davis Catlin, Managing Partner at Discerning Capital.