Betty, a real money iCasino, has announced a successful $5m seed round, led by Karlani Capital. Also participating in the round are 305 Ventures, Courtside Ventures, Gaingels, OCA Ventures, Subversive Capital and CEAS Investments.
The start-up previously raised a $1.8m pre-seed in March of last year.
Betty’s platform allows players to compete in a variety of online games including slots, blackjack and poker. Players can also join tournaments and participate in leaderboards to win prizes.
The company is seeking to target an audience of casual iCasino customers, with a focus on female slot players, which it perceives as an untapped demographic. Betty says it wishes to cultivate a betting environment that is ‘safe, social and inclusive.’
A spokesperson for Gaingels, a private investment syndicate, commented: "Sports betting and casinos have historically been marketed to men. In reality, women make up more than half of the market. We love Betty's mission to make the category more inclusive."
The $5m seed round will help Betty secure the resources needed to continue to grow and build out their platform. It plans to use the funds to develop new features, acquire new users, scale its operations and expand its reach into new markets.
The company has a focus on the Ontarian market, with the proceeds of this round of investment going solely into its operations in the Canadian province.
Betty was issued a gaming license by the Alcohol and Gaming Commission of Ontario on January 24. The company anticipates a soft launch in February followed by a full-scale go-to-market effort in the second quarter of this year.
The seed funding will also go towards the continued development of Betty's proprietary iCasino platform, which is tailored for the average North American customer.
