The round was led by investment firm Discerning Capital. DraftKings’ multi-stage venture capital firm Drive by DraftKings took part in the round, along with media investors Manifest Investment Partners.
Follow-on investment was secured by betting and media investor Jeff Sagansky. Picklebet is currently licensed to operate in Australia and is set to expand in 2024.
Last year, Picklebet entered into a two-year deal with Racing and Sports (RAS). The deal saw RAS provide its risk managed trading service to Picklebet’s racing offering. This followed an esports betting solution deal with Oddin.gg in 2021.
“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 utilising 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.”
Heaney said Discerning Capital will continue to support the operator as its growth continues.
“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,” he continued.
“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.”
Davis Catlin, managing partner at Discerning Capital, added that Picklebet held a “highly compelling” opportunity for investment.
“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,” said Catlin.
“We have been working closely with the team and have the utmost confidence in their ability to execute on their vision.”