Start ups

Betting start-up Low6 secures Pires investment

2 minutes read
Sports betting platform provider Low6’s latest £1.5m funding round has seen the company backed by Pires Investments, an Alternative Investment Market-listed investor that backs next generation technology businesses.

Pires has subscribed for 6,667 ordinary shares in the sportsbook start-up at a price of £30 per share, for a total consideration of £200,010. 

Low6 has developed a white label mobile platform that it plans to offer to sports teams and franchises, enabling them to offer sports betting via their fan apps. Its technology can either be embedded in a partner’s existing app, or hosted in a dedicated product, with the supplier generating revenue by taking a percentage of amounts staked via its platform. 

The business has already signed partnerships with the Professional Darts Corporation (PDC), to launch a pool betting product, and with mixed martial arts competition Ultimate Fighting Championship for a free-to-play predictions product. 

It has also struck deals with football clubs in the English Championship and Scottish Premiership, as well as a deal in place with Sky Business, a division of the broadcaster, to develop a quiz-based game, Pubwars. 

It has also partnered Yinzcam which develops apps for a number of sports teams and franchises across the US, Canada, Spain and Australia.

The business has raised more than £8m to date, and plans to increase this further through another funding round ahead of an initial public offering, which it aims to complete in the first half of 2021. 

“We are pleased to be able to invest in Low6 at a key point in its development,” Pires Investments chair Peter Redmond said. “We believe that Low6 has developed an exciting and innovative platform which is attractive both to sports clubs and their fan bases and, with the additional funding now being provided, they will be able to scale the business significantly.”

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