French sports betting alternative startup nets €7.1m in seed round
Positioning itself as a "healthy" remedy to real-money gambling, Omada secures funding from sports stars and major VCs
A startup that describes itself as a “healthy and responsible alternative to sports betting” has raised €7.1m in a seed round.
Omada, a France-based social prediction app, is poised to scale using capital raised from the round led by Felix Capital.
Play Ventures, Motier Ventures, Athletico Ventures and 20VC joined the round, as did the family office of former French footballer Youri Djorkaeff and Australian cricket captain Pat Cummins.
Having launched less than two years ago, the firm boasts more than 300,000 monthly players in France with a total of one million users worldwide.
The app allows users to challenge their friends through free predictions across sports including football and the NBA.
The free-to-play app gifts users coins based on their performance, which can then be traded for in-app collectibles.
Omada has also launched a series of awareness-raising campaigns around sports betting, including ‘10 balles c’est grand-chose’ – a reference to €10 being the average stake in France.
The firm said it plans to use the raised capital to accelerate its international expansion, with a core focus on the US.
Adrien Miniatti, Omada CEO, said: “This capital injection should allow us to support our international ambitions, particularly in the United States – where we sense the need for an alternative to traditional sports apps.
“I am delighted to be able to surround myself with the best partners to continue to improve our gaming experience, while maintaining a strong proximity with our community of users, which has been Omada’s strength since the beginning,” he added.