Streaks Gaming Becomes First Conversational Gaming Firm on LSE

Streaks Gaming managed to raise GBP 3 million ($3.6 million) with the major part of the funding being provided by finance incubator AQRU PLC, which invested GBP 2.3 million ($2.7 million) in Streaks Gaming shares.

Streaks Gaming Raises GBP 3M from IPO on LSE

The Initial Public Offering of Streaks Gaming on the London Stock Exchange entailed the issuance of 378.2 million ordinary shares. The initial goal of Streaks Gaming was to raise from GBP 5 million ($5.95 million) to GBP 10 million ($11.9 million) with the floatation but it eventually raised GBP 3 million ($3.6 million) from 100.0 million shares at a price of 3 pence per share. 

The shares constitute 26% of the company’s issued shares. As a result of the floatation, the company has been valued at GBP 11.3 million ($13.5 million). Streaks Gaming shares started trading on the London Stock Exchange at 8 a.m. on January 5, 2023. At the LSE closing time, the shares traded at 3.38 pence per share, marking a 13% rise.

The Funding Will Go to Expansion in the US Market

The financing acquired through the IPO is going to help Streaks Gaming fund its expansion in the United States. The funding will go to further develop the company’s conversational gaming platform, which is based on Natural Language Processing (NLP) powered by text generator GPT-3 developed by OpenAI, and towards attracting new players and investment in the Streaks Gaming brand in general.

Streaks Gaming Non-Executive Chairman Mike Edwards has elaborated on the new opportunities he sees: “The growing global popularity of GPT coupled with the opening of the US sports marketing presents a generational marketing opportunity.  We firmly believe that prospective players will be introduced to sports betting through casual conversational gaming powered by GPT-3.”

Edwards further added that the listing on the LSE is a major milestone for the company which will help it gain credibility and raise its public profile in order to become an attractive partner for licensed sports betting operators in the US. The LSE IPO is part of Streaks Gaming’s long-term strategy for company growth.

It must be noted that Streaks Gaming’s conversational games are free to play and do not involve any gambling, wagering, or other activities that require a license.

Streaks Gaming was founded in March 2021 with the goal to design and develop a conversational gaming platform that can be used by sports betting operators to attract new audiences and monetization by engaging people with casual conversational games. In May 2022, the Streaks Gaming platform had 80,000 registered users.