Innovative lottery ticket selling app Jackpocket announced its Series D funding managed to raise $120 million to provide financial support for future lottery endeavors.
Affirming Presence in the Lottery Space
The Series D funding round comes after a period, which saw Jackpocket increase its customer base by more than 300% since its previous Series C funding that attracted $50 million of investor capital in February this year.
“We’re excited to have such a diverse group of partners and individuals validate Jackpocket’s vision for the future.”Peter Sullivan, CEO and Founder, Jackpocket
Active across 10 US jurisdictions, including Texas, New Jersey, and New York, where the app hit over 13% of Powerball ticket sales share for particular drawings in Q3, Jackpocket’s funding round drew the attention of prominent names like Kevin Hart, Whitney Cummings, Mark Cuban, Manny Machado, and others.
“Our success over the past 12 months highlights our ability to reach the broadest base of lottery player possible, and we’ll use this funding to continue to grow and innovate the platform with new types of gameplay.”Peter Sullivan, CEO and Founder, Jackpocket
The investment capital raised through the Series D funding will be used to expand the Jackpocket team with new talent to help support the app’s rapid geographic expansion across international markets by developing new verticals and gameplay, establishing new strategic partnerships, launching innovative marketing initiatives, as well as merger and acquisitions.
In 2021, the innovative and secure lottery ticket selling app entered into business partnerships with the New York Racing Association, NHL’s New York Islanders, and NFL’s New York Jets to become the first digital lottery partner for a franchise of the professional football league.
Innovation Attracts Capital
Previous investors, including Greenspring Associates, The Raine Group, Anchor Capital, Gaingels, Conductive Ventures, BlueRun Ventures, Digital Currency Group, PROOF, as well as Santa Barbara Venture Partners, participated in the funding round spearheaded by NYC-based investment fund focused on internet consumers Left Lane Capital.
Harley Miller, founder, and managing partner of Left Lane Capital underlined why the investment fund had decided to back Jackpocket in the light of the “unprecedented level of growth and expansion” the gaming and lottery industry is experiencing.
Jackpocket is “spearheading real progress and innovation in this market” despite historical difficulties “to innovate in the lottery space in a compliant fashion,” Harley Miller continued. “We were compelled by the integrity with which Jackpocket has navigated the ecosystem,” he concluded.
The announcement of Jackpocket’s Series D funding round came in the month which set a record for the largest mobile gaming win, $9.4 million New Jersey Pick 6 Lotto prize won on the Jackpocket app.