Rivalry raises $22m in funding round as IPO roadmap gathers pace

Canadian esports betting operator Rivalry has raised $22m in its latest oversubscribed funding round and is eyeing up an IPO before 2022.

The Toronto-based firm secured the funding on 9 June, with the capital raised from investors from Canada, the US, Europe and Australia, including Canaccord Genuity and M Partners.

The $22m from this funding round is the second eight-figure sum raised by the operator this year, after securing $20m in March.

Rivalry said the newly raised capital would be used to grow company verticals including hiring, country expansion, product and media. The funding round was co-led by Eight Capital and Cormark Securities.

Touching on its potential IPO, Rivalry said within 120 days of 9 June, the company would obtain the conditional approval to list its shares on a recognised public stock exchange.

Rivalry would join fellow esports-centric operators Esports Entertainment Group and Luckbox as publicly-listed firms if successful.

Steven Salz, Rivalry CEO, said: “Following significant growth in 2020 and into Q1, this injection of new funding comes at a critical inflection point in the company’s history.

“To meet the rapid growth we are seeing within the business we are meaningfully scaling our team while simultaneously expanding into new markets, increasing our original product IP portfolio and materially enhancing the volume and production quality of our media arm.

“Combined with operational execution across all levels of the business, pending legalisation of sports betting at home, and our intention to complete a public listing later this year, we are more excited than ever about what the future holds for Rivalry,” he added.