Rivalry receives CA$14m investment
A CA$14m (US$10.42m) investment from an existing institutional shareholder has been received by Rivalry as part of its growth plan.
Rivalry, a Canadian media and sports betting company, has received an investment of CA$14m from an existing shareholder. The company, which offers casino, sports and esports online wagering has a target audience of Gen Z and Millennials, calling itself a platform ‘for the next generation of fans.’
The investment is the first part of a non-brokered private placement offering of convertible debentures. These debentures will be offered and sold to investors in Canada, and will generate interest from the date of issue that will be payable in cash quarterly.
The proceeds of the sale of these debentures will go on to fund the company and will ‘be used to fund general working capital and corporate purposes,’ indicating that these sales in tandem with the investment will provide fuel for company growth.
On the investment, Co-Founder and CEO of Rivalry Steven Salz said: “We are very pleased to receive the support of a long-standing institutional shareholder of Rivalry with this investment.
“We’re deeply confident in the underlying trends the business is showing and maintain our expectation to achieve profitability in H1 2024.”
Rivalry has held a gaming license in the Isle of Man since 2018 and has a team across 20 countries. The company recently launched a free-to-play basketball fantasy game in collaboration with Low6 as part of the current National Basketball Association (NBA) season.
The app, named the Rivalry Ultimate Fan, uses a card-based system containing players from which users can build their teams.
The company also showed a 192% betting handle increase in Q2 2023, as well as a 60% growth in revenue from the same time last year.
“The capital will enable Rivalry to accelerate the development and release of new products, expand marketing efforts, and extend into new geographies and verticals,” Salz added.
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