Rivalry, the Canada-based operator of an online sports and esports betting platform, has raised $20m from investors including an undisclosed casino operator, VentureBeat reported yesterday.
The company did not disclose the names of the round participants but said it was also backed by institutional investors from Canada, the United States and Europe.
Rivalry operates an online platform that enables users to bet on traditional sports matches and esports games. It has an offshore gambling licence from the Isle of Man that enables it to operate in countries where it does not have a domestic licence.
The company will use the funding to develop new products, acquire new gambling licences and enter new grey markets under its current regulatory regime. It is also planning to hold an initial public offering later this year.
Existing investors in Rivalry include venture capital firm Broad Street Bulls and private backers Billy Levy and Zack Zeldin.