BetConnect has secured funding from a consortium of international investors in a pre-Series A round.
Industry figures to have put their money forward comprise Australian sectoral specialist, Tom Waterhouse, CIO of Waterhouse VC; ex-Fox Bet CEO Robin Chhabra; and ex-Fox Bet Board Advisor and Grand Parade founder, Andy Clerkson. Yolo Investments, fronted by Tim Heath, and bolstered by re-investment from Candy Ventures whose support has continued at every capital-raising stage.
The new financing will be used to accelerate BetConnect’s growth, both in the UK and internationally, supporting its technology and product roadmap over the next 12 months. Chhabra has also been appointed to the role of Strategic Business Advisor, leveraging his record of scaling businesses and leading some of the most consequential M&A deals at William Hill and The Stars Group.
“BetConnect is at the forefront of a betting revolution that’s sweeping the industry. The Waterhouse VC Fund endeavours to generate capital growth by holding long-term strategic investments in companies that can reinvigorate tired thinking and disrupt the norm,” commented Tom Waterhouse, CIO of Waterhouse VC.
“The BetConnect model improves the experience for international customers, and can be flexibly adapted to accommodate blockchain assets and the inherent crypto benefits of better margins, lower transaction costs and faster withdrawals.”
Former Fox Bet CEO, Robin Chhabra, said: “BetConnect has a genuinely innovative product that has been stress-tested in the UK’s ultra-competitive marketplace. Dan and his team offer a transformative vision and a super-agile platform which, combined with their ability to execute, sets BetConnect up for international expansion.
“For me, this investment constitutes an exciting strategic play in a company that has already laid the firm foundations to strike once exchange regulations do clearly coalesce across US states.”
Tim Heath, GP at Yolo Investments, added: “Yolo Investments has quickly gained a reputation as a natural home for early stage, high growth gaming businesses, and BetConnect absolutely fits the bill.
“The platform is already performing strongly in the UK, and with the backing of some of the biggest names in the industry, BetConnect is ready to take the next step. We plan to work closely with the BetConnect team, leveraging the Yolo Investments network, to help them along the way.”
Daniel Schreiber, Founder of BetConnect, concluded: “BetConnect’s growth over the last three years has been incredible and to have secured investment from such prominent industry leaders will accelerate this growth to the next level. The BetConnect platform already offers players the ability to choose from best odds from all major bookies.
“But this funding gives us the opportunity to develop new products and services to complement the core offering, keeping them all accessible and intuitive to the evolving demands of the end user. It also allows us to focus on a community-first approach which ensures that new developments will resonate with our users.”