Jackpocket lottery start-up secures additional $5m investment
Gavin Isaacs-supported firm appoints investor and former CEO of AOL-owned marketing agency as an advisor
US lottery start-up Jackpocket has secured $5m in investment, on top of its $16m series B funding round raised last October.
New investors include former Scientific Games CEO Gavin Isaacs who was also appointed to the board last month, as well as venture capital firm PROOF and angel investor Reston.
The New York-based company has raised a total of $30m to date and claims to have grown its player base by 150% in six months.
The mobile-first app aims to modernise and digitise state lotteries by enabling users to order tickets via the product and have access to national jackpots.
Since the last investment round, former CEO of AOL-owned mobile advertising agency Millennial Media, Paul Palmieri has also been appointed to the Jackpocket board as a senior advisor.
Palmieri said: “Like other app economy industry accelerations, where one iconic company tends to expand the pie by offering usability, customer choice, and responsible controls, Jackpocket has the opportunity and traction, and now the capital, to be that catalyst.”
Jackpocket CEO, Peter Sullivan, added: “With our impressive stable of investors, and an experienced team, we will significantly grow not only our business, but the size of the lottery business in the states where we have live operations.”
Jackpocket is planning to go live in 10 states by the end of the year.