Cipher Sports Technology closes its $5m Series A funding
The company now seeks to grow within the US sports betting market.
Cipher Sports Technology Group has closed its $5m Series A funding round. This is part of the company’s strategic plan to permeate the growing legal sports betting market within the US.
The company has selected Cygnet Capital, Australia-based and privately owned investment group, to lead its $5m Series A. Cygnet was chosen at the conclusion of a “thorough due-diligence process.”
Cipher Sports Technology Group Chief Executive Officer Adam Fiske commented: “Closing our Series A, with a partner such as Cygnet Capital leading the round, is an incredible milestone for us and we’re absolutely thrilled.
“From the first conversation we had with Cygnet Capital, to where we find ourselves today, it’s been really clear that we are completely aligned when it comes to our collective view on the size of the opportunity in the US.”
Cygnet Capital approaches capital outside of the traditional VC structure. It can make investments over multiple rounds, whether a company goes public or stays private.
Cygnet Capital Co-Founder Johnathan Rosham said: “The team at Cipher Sports Technology Group has really impressed us the whole way through this process and we’re thrilled to be involved in such an exciting company with major international ambitions.
“In the current environment, industry sectors that exhibit high growth and profit margins will be at a premium. We believe that the broader wagering sectors, and specifically the US, will provide an opportunity to leverage and expose our capital to above average growth in a challenging and volatile global investment environment.”
Cygnet Capital has made multiple investments in wagering industry around the world. Rosham said he is confident that Cipher will be able to expand its footprint in the North American market.
He concluded by saying: “Cipher is now well positioned to make a significant impact in the US and we’ve no doubt their brand-and-technology-first approach will prove invaluable as they further accelerate what has already been a very impressive penetration into the North American market.
“We see a strong scenario where they grow their revenue base from several million dollars this year, to tens-of-millions of dollars in the next two to three years.”
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