This week the closure of $850,000 bridge funding led by Parlay Capital Holdings has been confirmed by DFS sports game PrizePicks. AMJ Ventures and a host of notable angel investors, including 15-time Poker Champion Phil Hellmuth’s World Series, also contributed to the raise.
Adam Wexler, PrizePicks’ founder and CEO, commented on the reasoning behind the funding and stated: “While this bridge raise was done in response to the current pandemic, it allowed us to check some boxes regarding a well-rounded cap table. Securing investors like the world’s most accomplished poker player proves we’re onto something big.”
Gaming stocks, the firm said, have been one of the few places impervious to the COVID-19 recession, citing the recent $3.3 m takeover agreement struck by DraftKings to go public in April. “However, as evidenced by PrizePicks, investment opportunities are not just limited to the public markets,” it claimed.
Hellmuth has reported on his involvement in the raise: “I absolutely love the core business model of PrizePicks and the team behind the game. I’ve been around this industry for decades, and I’ve never been more impressed with an emerging operator’s fundamentals and potential for growth.”
Wexler intends to lead the business ahead of the start of the NFL season 2020 with a priced round fund raise. Having PrizePicks as one of the industry’s only domestic pure-play sports betting operators, he believes that this investment opportunity should speak for itself.