A new £ 1.5 million investment round has been raised by mobile betting games and app developer Low6, boosting the company’s 2021 IPO prospects.
London AIM-listed technology fund Pires Investments Plc announced this morning that it had participated in the new share subscription of Low6, securing’ 6667 ordinary shares in Low 6 Limited at a price of £ 30 per share for a total value of £ 200,000.’
The company said it will back the B2B business model of Low6 as a high incentive mechanism for emerging markets for sports betting and media platforms looking to diversify their conventional portfolios.
Low6 creates software and games that enable sports teams, franchises and media platforms to optimise their loyal follow-up to partner services, minimising costs of customer acquisition and enhancing brand and customer loyalty.
To date, Low6 has created 36 tailored games, including the UFC, PDC Darts and Scottish Premiership, for leading sports organisations.
The developer has more high-report media alliances with Sky Business and Yinzcam Inc., the largest North American app publisher.
Pires Investments cited the Low6 ‘highly scalable partnership model’ in its transaction notice as an enticing idea that supports lucrative US partnerships in wagering and broadcasting.
Peter Redmond, Chairman of Pires, commented: “We are pleased to be able to invest in Low6 at a key point in its development. We believe that Low6 has developed an exciting and innovative platform which is attractive both to sports clubs and their fan bases and, with the additional funding now being provided, they will be able to scale the business significantly.”
Since its launch in 2017, Low6 has raised over £ 8 million to date and aims to raise further funds to complete an IPO in H1 2021 via a pre-IPO funding round.