Social sports betting startup Who Knows Wins has revealed that it was able to secure “substantial” investment during a recent round of fundraising.
Though the business did not state how much was raised, revealed that the UK government’s Future Fund participated in the round, with its investment matched by early stage sports and health technology investor leAD Sports & Health Tech Partners.
Who Knows Wins, which was one of five companies in Wales to secure funding from the Future Fund, said it will use the money to expand its technology and marketing teams at its main office in Cardiff.
“This investment will allow us to develop our products, app features and functionality to the next level, whilst enabling us to increase our marketing spend so we can share the Who Knows Wins experience with even more customers,” Who Knows Wins managing director Nick Mounteer said.
“With sport returning to our screens and an abundance of live football, we have had a record week and are looking forward to a great future.”
It offers a social betting product in which users can set up leagues between friends, in which users have to make predictions on a number of fixtures. Each league has an entry stake, with the distribution of prizes agreed before the competition begins.
Founded in 2017, Who Knows Wins is the only start-up from Wales to ever be backed by leAD Sports, which first provided funding for the business in 2018. Its managing director Mounteer is a veteran of Sportech and Playtech, while its chairman Ian Hogg previously worked as Sportech's chief operating officer, and currently serves as chief executive of payment solutions provider FastPayE.
“leAD and I identified WKW as having the potential to be massively disruptive in the betting space, and we have continued to support the business both financially and strategically,” leAD chairman Andrew White commented.
“This investment will allow it to deliver on its undoubted potential.”