Jackpocket Raises $5M Series B Extension to Grow State Lotteries on the Heels of 3x Sales Growth
NEW YORK--(BUSINESS WIRE)--May 23, 2019--
Jackpocket, a mobile-first company helping to modernize and responsibly grow state lotteries, closed a $5 million extension to its $16 million Series B funding round raised in October 2018. The company has raised a total of $30 million to date. Jackpocket has tripled ticket sales and grown its player base by over 150% in just 6 months since its Series B announcement.
New investors include Reston, Va.-based PROOF and gaming industry veteran Gavin Isaacs, who was recently appointed as a senior advisor to Jackpocket’s board of directors. Existing investors BlueRun Ventures, Bullpen Capital, Conductive Ventures, DCM Ventures, Digital Currency Group, former NBA Commissioner David Stern and Subversive Capital also participated. Additionally, Jackpocket appointed app economy entrepreneur and investor, Paul Palmieri, the former CEO of Millennial Media who led the mobile ad-tech company from its founding through its $1.4 billion IPO, as a senior advisor to CEO Peter Sullivan and the Jackpocket board.
“In industry after industry, the consumer utility and market expansion power of the app economy is clear,” said Paul Palmieri, Managing Partner of Grit Capital Partners. “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.”
“As we continue to lead the category, we are energized by what this new capital means for the scale of our marketing efforts,” said Peter Sullivan, founder and CEO, Jackpocket. “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.”
The company recently hit the $1 million mark in prizes awarded to Jackpocket players in 2019.
Jackpocket is the first third-party app in the U.S. that offers players a secure way to order official state lottery tickets, such as Powerball, Mega Millions and more. As a no-cost, no-integration, turnkey platform, Jackpocket helps lotteries drive incremental revenue—benefiting essential state programs such as public education, veterans assistance, natural resources and more—while attracting new customers like millennials who otherwise would not be active lottery players.
Jackpocket’s mission is to create a more convenient, fun and responsible way to play the lottery. Through the app, players can place orders for their favorite games, check lottery results, join lottery pools with other Jackpocket players, and turn on autoplay so they never miss a drawing. And by being the first company to automatically lock a player’s identity to their ticket serial number, Jackpocket makes the lottery even more secure. Jackpocket is currently available in Minnesota, New Hampshire and Texas, and expanding to many new markets in 2019. Download the app on iOS or Android, and follow along on Facebook, Twitter and Instagram.
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CONTACT: Sarah Arvizo
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: ENTERTAINMENT CASINO/GAMING GENERAL ENTERTAINMENT MOBILE ENTERTAINMENT
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PUB: 05/23/2019 09:00 AM/DISC: 05/23/2019 09:01 AM