Lottery technology company Lottery.com has acquired additional new funding through a placement agent agreement with Univest Securities to “fully resume operations” and move forward with its plans to purchase Nook Holdings Limited.
The acquisition will set the stage for the company to expand its reach and develop its Sport.com brand throughout the Middle East.
Company COO Gregory Potts described gaining the additional funding as a defining company moment.
He further commented, "This latest infusion of funds and continued support from UCIL marks a pivotal moment for Lottery.com. We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable and ready to meet the evolving needs of our users.
“The support from our investors is not just a financial boost but also a vote of confidence in our operational capabilities and future vision."
Under the terms of the deal, Univest has brought in new investors, as well as an initial $1m investment. Lottery.com said it will use the funds to restart core operations that include the Nexus Gaming Platform, WinTogether and the LotteryLink affiliate program.
Company CEO Matthew McGahan summarized the events leading up to the agreement by saying, “It has been a challenging journey for all our stakeholders, but today’s announcement is a reason for great optimism. The successful fundraising, new investors, support from UCIL and the strategic partnerships we are forging are crucial for our 2024 vision.
“This marks the beginning of an exciting phase where we recommence lottery operations and develop our Sports.com brand. We will continue to lead the way in reinventing the lottery experience, leveraging state-of-the-art technology to offer innovative solutions. Through the acquisition of Nook, we will create a true sports incubator under the Sports.com brand, fostering growth for companies and individuals by leveraging our extensive network to provide tailored guidance for startups, connecting them with accomplished entrepreneurs, strong networks and supportive investors.”
