Picklebet secures A$15m Series A funding round including investment from DraftKings
Australian operator and media hybrid plots product development and international growth on back of latest capital injection
Australian sports betting and media startup Picklebet has secured A$15m (£7.8m) in a Series A funding round featuring DraftKings’ investment arm.
Picklebet was founded in 2020 and initially started life as an esports betting sportsbook that has since expanded into traditional sports and racing.
The operator boasts a proprietary online sports betting platform and is currently licensed and operating in Australia.
The business also includes a media division, Picklebet Studios, which focuses on “in-house original and short form humorous, culturally relevant, and engaging sports and esports content”.
The brand has surpassed 60 million impressions in 2023 across TikTok, Instagram and YouTube, with the division used to achieve “efficient brand awareness and low customer acquisition costs”, according to Picklebet.
As a result of the Series A funding round, which was led by Discerning Capital, the company is now valued at A$105m.
Joining Discerning Capital in the raise was Drive by DraftKings, media investors Manifest Investment Partners and a follow-on investment from Jeff Sagansky.
Las Vegas-based Discerning Capital has previously invested in the likes of US Integrity and Huddle.
Picklebet said the raised capital would be used to fund its next stage of growth and product development, with plans to expand outside of Australia in 2024.
Nick Heaney, Picklebet CEO, said: “After a particularly strong 12 months of growth which saw NGR up 494% YoY and favourable unit economics on new customer cohorts, this investment validates our innovative in-house betting product and organic media strategy, and the value it delivers to the next generation of betting customers.
“We look forward to utilising the funds raised to accelerate customer acquisition in Australia, continued innovation of our proprietary in-house technology platform and media capabilities and fund our initial international expansion” he added.
Davis Catlin, managing partner at Discerning Capital, commented: “We have evaluated online sportsbook deals all around the world and we felt that Picklebet’s unique blend of in-house technology, in-house content arm, fast growth and efficient user acquisition made it a highly compelling opportunity.
“We have been working closely with the team and have the utmost confidence in their ability to execute on their vision.”
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