Peer-to-peer video game betting platform secures $4m in seed funding
Pllay will use capital to “accelerate user acquisition and market to a broader audience” following strong start to 2021
Peer-to-peer video game wagering platform Pllay has secured a further $1m in funding to bring its total capital raise to $4m in an oversubscribed seed round.
Pllay initially secured $3m in capital in November 2020 in a funding round led by Screen Play Ventures and secured three-time NBA All-Star Bradley Beal as an investor.
The new $1m funding round was led Viridian Equity Partners and comes at a turning point for the firm.
Throughout 2021, the number of new registered users on the platform has doubled, while the average wager per match has increased to more than $20.
Pllay users can currently bet across Xbox and PlayStation consoles on titles including FIFA 21, Fornite and Call of Duty.
Pllay said the additional capital would be used to “further enhance the user experience, expand technology development, build out the Pllay team, accelerate user acquisition and market Pllay to a broader audience”.
Shawn Gunn, Pllay CEO, said: “Investors are backing us because they not only believe in our technology and vision but also our ability to execute.
“The seed round was oversubscribed because the investor community recognises the unique technology we’re bringing to the table and how it enhances any video gaming experience,” he added.
John Draper II, COO of Viridian Equity Partners, commented: “By investing in Pllay and its unique technology, we can reach a massive cohort of casual gamers who enjoy showing off their competitive chops and profiting in the process.”