Exclusive: BetConnect closes £1.2m funding round
New exchange platform closes Series A round with second investment from Candy Ventures
BetConnect, the exchange platform that connects punters and pro bettors, has closed a second round of funding worth £1.2m, EGR has learned.
The platform was initially launched in September last year having secured seed funding from a variety of investors including Candy Ventures, the investment vehicle of UK property entrepreneur Nick Candy.
EGR understands Candy Ventures has re-upped its investment in the latest £1.2m round alongside several other private investors.
The new funds are expected to be used to accelerate the platform’s growth in the UK and support investment in an in-house engineering team and the technology roadmap.
BetConnect matched more than £1m of bets in July, according to a press release sent out by the firm last week, reaching the monthly milestone faster than Smarkets did when it launched.
The platform bills itself as the biggest industry innovation since Betfair and aims to benefit from the restrictions applied on pro bettors, by connecting those punters with recreational players.
“It’s a social network, matching up people who know what they’re doing with ordinary punters,” said co-founder Mark Weaver on launch. “We’ve taken the best bits of a social network and a betting exchange.”
Read EGR’s full review of the platform here.