Brazilian sports betting and media platform nets $6m in funding round
PlayGreen, which aims to merge Latam media and gambling on one platform, secures seven-figure sum from Vice Ventures for product and geographic expansion
PlayGreen, a sports betting, casino and media hybrid platform, has secured $6m in a funding round led by Vice Ventures ahead of a new push in Latam.
PlayGreen was co-founded in 2020 by former Barstool Sports CTO Nathan Dionne and Marcos Araujo to act as a one-stop shop for Latam players across betting and media.
Other senior members of the team include chief technology and product officer Jose Berrio, who co-founded Rebus Technology – a fan activation platform in the US.
Former Fluminense and Sony head, Antonio de Castro Neves, serves as director of business development while experienced product head, Raymour Radhakrishnan, is VP of gaming operations.
The operator is live with its betting business in Brazil and Ecuador, with a proprietary tech platform powering the venture.
On the media side of the business, PlayGreen works with sister brand Esportudo as its flagship media portal.
Content from Brazil’s largest American football brand Endzone, women’s sports platform EsportudoW, esports site Next Level and leading Latam basketball brand Camisa 23 are all plugged into PlayGreen’s media output.
PlayGreen said moving ahead it will look to launch live streaming to its capabilities as well as explore new sports betting opportunities.
Nathan Dionne, PlayGreen CEO, said: “Latinos are the fastest-growing audience in sports and gaming, yet there aren’t media brands or betting platforms designed for Latinos.
“The future of PlayGreen will be shaped with our audience in mind, and this new round of funding will help us continue growing throughout Latin America to achieve our mission. We’re thrilled to have partners like Vice Ventures with unique insight into the international sports betting industry.”
Catarine Dockery, Vice Ventures GP, added: “Studies show Hispanic adults spend 20 hours weekly across TV, video and radio consuming sports, and PlayGreen is at the forefront of bringing the sports gaming industry to Latin America.
“Vice Ventures is looking forward to continued partnership with PlayGreen as they enter into their next stage of growth.”
Vice Ventures markets itself as a VC fund that invests in “good companies operating in superficially ‘bad’ industries”.
Other markets the company has ploughed capital into include alcohol, cannabis, sex tech and ketamine.
Brazil is set to imminently regulate sports betting and online casino after the country’s president, Luiz Inácio Lula da Silva, gave his seal of approval to the framework late last year.