Turnkey mobile lottery platform Jackpocket has closed a $5m extension to the $16m Series B funding round raised in October 2018.
The company, which has now raised a total of $30m ($21m within this round), has tripled ticket sales and grown its player base by over 150 per cent in six months since the Series B announcement.
Two of the new investors are Gavin Isaacs, the Non-Executive Chairman for SBTech and former Scientific Games CEO, and strategic investing firm PROOF. Isaacs was appointed as a senior advisor to the Jackpocket board of directors just last month.
Meanwhile, the company has appointed Paul Palmieri in a similar advisory role to CEO Peter Sullivan and the rest of the board. Palmieri is the former CEO of Millennial Media, who led the mobile ad-tech company from its founding through to a $1.4bn IPO.
“In industry after industry, the consumer utility and market expansion power of the app economy is clear,” he said. “Like other app economy industry accelerations, where one iconic company tends to expand the pie by offering usability, customer choice, and responsible controls, Jackpocket has the opportunity and traction, and now the capital, to be that catalyst.”
Sullivan added: “As we continue to lead the category, we are energized by what this new capital means for the scale of our marketing efforts. With our impressive stable of investors, and an experienced team, we will significantly grow not only our business, but the size of the lottery business in the states where we have live operations.”
The first third-party app in the US to offer a secure way to order official state lottery tickets such as Powerball and Mega Millions, Jackpocket has recently hit the $1m mark for prizes awarded to its players in 2019.
