Finance

Pires Investments hails ‘rapid progress’ of Low6 as provider searches for CTO

| By Robert Fletcher
Pires Investments has praised the performance of Low6 since its most recent investment in the sports betting platform provider, also revealing that the business is seeking to appoint a new chief technology officer to lead its future growth strategy.

Alternative Investment Market (AIM)-listed investor Pires in December subscribed for 6,667 ordinary shares in Low6 at an overall consideration of £200,010 (€231,783/$275,340).

Low6 in February then set out plans to commence an initial public offering (IPO) in the second quarter of this year, following the fundraising drive with Pires.

The provider extended its pre-IPO funding round to allow for a “well-respected figure” in the gaming industry to invest in the business and also join its advisory board after the IPO.

Pires invested a further £35,000 during the extended round, taking its overall investment in the provider to £235,010 in. Low6 raised a total of £3.3m in convertible notes during the pre-IPO round.

Other recent developments at Low6 include the soft launch of its PubWars apps on 1 April, attracted approximately £2,000 in wagers in the first seven days of activity, while the Uber Eats Weekly 7 game has also gone live.

Pires said that as Low6 now has over 122,000 users, the provider is looking to bring in a new CTO to scale the business and execute its three-year technology roadmap.

“We are pleased to note that Low6 has continued to make rapid progress since our most recent investment in February, as part of the extension of Low6’s pre-IPO funding round.” Pires chairman Peter Redmond said.

“Recently, Low6 has launched the Uber Eats Weekly 7 game and PubWars app, as well as signing a number of new partners within the sports industry, with discussions currently underway with potential US partners.

“With its IPO still on track for Q2 2021, we look forward to updating the market on Low6’s progress in due course.”

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