Jackpot raises $35m to fund US expansion24th June 2022 10:25 am GMT
San Francisco-based online lottery ticket app and platform provider Jackpot has secured $35m in funding ahead of its planned launch in the United States this year.
The Series A funding round was co-led by Accomplice and Courtside Ventures, with participation from the Kraft Group, Fanatics CEO Michael Rubin, Theo Epstein, Fenway Sports Group president Mike Gordon, and DraftKings co-founder and CEO Jason Robins, among others.
The new capital will enable Jackpot to launch its solution in the US, facilitating the purchase of official state lottery tickets online.
“As long-time investors in the real money game space, we look for companies with the vision, the expertise, and the experience to offer real, tangible value,” said Accomplice partner Ryan Moore. “Jackpot has all of these, making it perfectly positioned to reimagine the lottery market.”
Courtside Ventures partner Deepen Parikh said: “Jackpot is a natural fit within our portfolio. Millions of Americans are playing the lottery every day, and Jackpot will now make the experience even better for consumers. We're excited to work with the team at Jackpot to revolutionize this massive industry.”
Jackpot's executive team is led by North America CEO Akshay Khanna, who formerly ran StubHub's North America business; Roi More, who co-founded Tel Aviv-based Gett (formerly GetTaxi); and group CEO Yariv Ron, who co-founded iGaming platform provider ProgressPlay.
“More and more states across the country are now open to online lottery ticket sales, creating a huge opportunity to digitize the industry and bring a better, more convenient experience for the hundreds of millions of Americans who purchase lottery tickets every year,” said Khanna. “Jackpot's goal is to become the leading provider of online lottery tickets in the United States. We are grateful for the support of our investors who will help us accelerate our mission to transform the lottery industry.”
Jackpot plans to launch operations in select US states later this year, subject to licensure.