Total amount raised
$199.6 Millions
Latest funding date
02/01/2023
Location
Jackpocket has successfully raised multiple rounds of funding, culminating in a Series D round on February 14, 2023. The company was later acquired by DraftKings for $750 million in a cash and stock deal.
With 45 investors backing its innovative platform, Jackpocket continues to offer a secure and convenient way to order official state lottery tickets online. Keep reading to explore the intricacies of Jackpocket's fundraising journey and the investors supporting this unique platform.
What Is Jackpocket?
Jackpocket, founded on April 29, 2013, is a New York-based company operating in the gambling, gaming, and mobile app industries. The company was established by Eric Parker, Leo Shemesh, Matt Silber, and Peter Sullivan.
With a workforce of 251-500 employees, Jackpocket offers a secure and convenient way to order official state lottery tickets online. The app allows users to participate in popular lottery games, check results, and receive automatic alerts for winnings.
How Much Funding Has Jackpocket Raised?
- Series A
- Amount Raised: $6.2M
- Date: August 2016
- Lead Investors: BlueRun Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and expand initial market presence.
- Series B
- Amount Raised: $16.4M
- Date: October 2018
- Lead Investors: Conductive Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the app's features.
- Series B
- Amount Raised: $5M
- Date: May 2019
- Lead Investors: Gavin Isaacs, PROOF
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support further growth and market expansion.
- Series C
- Amount Raised: $50M
- Date: February 2021
- Lead Investors: The Raine Group
- Valuation at Round: $160M post-money
- Motivation Behind the Round: To support the company's growth and expansion efforts.
- Series D
- Amount Raised: $120M
- Date: November 2021
- Lead Investors: Left Lane Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel geographic expansion, develop new verticals and gameplay, and explore potential acquisitions.
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and market entry.
- 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 expand market presence.
Total Amount Raised: $197.6M
Current Valuation: Not publicly disclosed
Key Investors
- Left Lane Capital
- Details: Left Lane Capital is a New York-based growth equity firm investing in high-growth internet and consumer technology companies. They led Jackpocket's Series D funding round.
- Investment Focus Areas: Consumer internet, technology, high-growth companies.
- 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 have been a significant backer of Jackpocket.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: DraftKings, Vice Media, Imagine Entertainment.
- Greenspring Associates
- Details: Greenspring Associates is a venture capital firm that invests in early to growth-stage companies. They have participated in multiple funding rounds for Jackpocket.
- Investment Focus Areas: Early to growth-stage companies, various sectors.
- Notable Investments: Uber, Snap, Grubhub.
- BlueRun Ventures
- Details: BlueRun Ventures is a venture capital firm that invests in early-stage technology companies. They have been involved in Jackpocket's funding rounds.
- Investment Focus Areas: Technology, innovation, early-stage companies.
- Notable Investments: PayPal, Waze, Coupa.
- Conductive Ventures
- Details: Conductive Ventures is a venture capital firm that invests in expansion-stage companies. They have supported Jackpocket's growth through multiple funding rounds.
- Investment Focus Areas: Technology, innovation, expansion-stage companies.
- Notable Investments: Ambiq, Desktop Metal, Sprinklr.
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 develop new verticals and gameplay. This growth is bolstered by a 300% increase in active users, indicating a strong market presence and potential for further expansion.
Future fundraising opportunities are promising, with high-profile investors showing continued interest. Jackpocket's innovative approach and strategic partnerships, such as those with major sports franchises, position it well for additional investment rounds. The company may also explore mergers and acquisitions to enhance its technological capabilities and market reach.
However, challenges lie ahead. Navigating regulatory and compliance issues across different regions, maintaining platform security, and competing with other mobile lottery apps are significant hurdles. Despite these challenges, Jackpocket's innovative strategies and robust growth trajectory suggest a bright future in the mobile gaming and lottery industry.
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