ParlayBay raises €1m in funding and adds industry veteran to its board
Yggdrasil founder Fredrik Elmqvist joins as funding round set to propel company forward in 2023
ParlayBay has raised €1m (£873,140) in funding as it seeks to “disrupt the sports betting industry” in 2023 and beyond.
The firm aims to use the new capital injection to grow its portfolio of operator partners as well as furthering it offering.
Malta-headquartered ParlayBay has signed deals this year with TipoBet365, TOPsport and Hub88
The company most recently put pen to paper on a deal with 7bet.
Raising the seven-figure capital will help ParlayBay in introducing its proposed PARLAYPOWERS in 2023, a set of promotional tools that are tailored towards each customer including free bets and money drops.
Along with the funding round, ParlayBay confirmed the addition of Yggdrasil founder Fredrik Elmqvist to its board of directors.
On the funding round, CEO Patrick Nordwall, also formally of Yggdrasil, said: “We’re really pleased to have raised a considerable amount in our most recent funding round, especially given the current challenging climate.”
He went on to praise the addition of Elmqvist earlier this month, adding: “Fredrik joining our board is a fantastic addition as we ramp up our growth going into 2023.
“We’ve had a very good year and the money raised gives us the opportunity to drive things forward even quicker.”
Speaking on his appointment to the board, Elmqvist said: “It’s a really exciting time to have joined ParlayBay and I’m looking forward to seeing what the future holds. In just over a year, the company has shown to be a pioneer that places product innovation at the forefront of its strategy.
“Raising €1m in these tough times is a sign of strength and that we are well positioned in the market.”