Total amount raised
$199.6 Million
Latest funding date
02/01/2023
Location
Jackpocket has successfully raised funds over 10 rounds, with the latest being a Series D round. The company is backed by 45 investors, including Private Ventures Group and Vijay Shankar.
Acquired by DraftKings, Jackpocket continues to offer a secure way to order official state lottery tickets through its mobile app. Keep reading to explore the intricacies of Jackpocket's fundraising journey and the investors backing this innovative platform.
What Is Jackpocket?
Jackpocket, based in New York, New York, operates in the Gambling, Gaming, Mobile, and Mobile Apps industries. The company offers a secure way to order official state lottery tickets through its mobile app.
With an employee count between 251-500, Jackpocket has been acquired by DraftKings. The app is available in 17 states and has garnered high user ratings, emphasizing convenience and security for lottery players.
How Much Funding Has Jackpocket Raised?
- Series A
- Amount Raised: USD 6,200,000
- Date: August 2016
- Lead Investors: BlueRun Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the app's features.
- Series B
- Amount Raised: USD 16,400,000
- Date: October 2018
- Lead Investors: Conductive Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve user experience.
- Series B
- Amount Raised: USD 5,000,000
- Date: May 2019
- Lead Investors: Gavin Isaacs, PROOF
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support further geographic expansion and product development.
- Series C
- Amount Raised: USD 50,000,000
- Date: February 2021
- Lead Investors: The Raine Group
- Valuation at Round: USD 160,000,000
- Motivation Behind the Round: To scale operations and expand the user base.
- Series D
- Amount Raised: USD 120,000,000
- Date: November 2021
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support geographic expansion and develop new verticals and gameplay.
- Series D
- Amount Raised: Not publicly disclosed
- Date: February 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue growth and innovation in the lottery space.
Total Amount Raised: USD 197,600,000
Current Valuation: Not publicly disclosed
Key Investors
- Left Lane Capital
- Details: Left Lane Capital is a New York-based growth equity firm focused on high-growth internet and consumer technology companies. They led the Series D funding round for Jackpocket.
- Investment Focus Areas: Consumer internet, technology, digital platforms
- Notable Investments: GoStudent, Masterworks, M1 Finance
- The Raine Group
- Details: The Raine Group is a global merchant bank focused on technology, media, and telecommunications. They participated in Jackpocket's Series C and Series D funding rounds.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: DraftKings, Imagine Entertainment, Vice Media
- Greenspring Associates
- Details: Greenspring Associates is a venture capital firm that invests in early to growth-stage companies. They have been involved in multiple funding rounds for Jackpocket.
- Investment Focus Areas: Technology, healthcare, growth-stage companies
- Notable Investments: Uber, Grubhub, Snap
- Conductive Ventures
- Details: Conductive Ventures is a venture capital firm that invests in expansion-stage companies. They participated in Jackpocket's Series B and Series D funding rounds.
- Investment Focus Areas: Technology, enterprise software, innovation
- Notable Investments: Ambiq Micro, CSC Generation, Desktop Metal
- BlueRun Ventures
- Details: BlueRun Ventures is a venture capital firm that invests in early-stage technology companies. They have been involved in multiple funding rounds for Jackpocket.
- Investment Focus Areas: Technology, early-stage companies, consumer products
- Notable Investments: PayPal, Waze, Coupa
What's Next for Jackpocket?
Jackpocket's future is brimming with opportunities, driven by its recent $120 million Series D funding. The company plans to expand geographically, including international markets, and diversify into new gaming formats like raffles and social casino games. This expansion is bolstered by a 300% increase in active users, showcasing the app's growing popularity.
Future fundraising seems promising as Jackpocket continues to innovate and capture market share. The company may attract further investments to support its ambitious growth plans and potential acquisitions. However, navigating regulatory landscapes and maintaining platform integrity will be critical challenges as they scale.
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