Smarkets has concluded a Series-B funding round with a fresh investment from Susquehanna Growth Equity (SGE), ushering in a new era of enterprise and innovation.
Smarkets has raised funding for the first time since its start in 2008, when it raised £3.8 million to establish itself as a prominent online betting exchange.
Smarkets established its headquarters in London, supported by its IT and innovation branch in Los Angeles, as a result of year-on-year growth.
SBK sportsbook app
With the debut of its SBK sportsbook app in 2019, the company – founded by former equities trader and current CEO Jason Trost – has maintained its concept of developing its own end-to-end proprietary technologies and processes.
Trost remarked: “This is an incredibly exciting day. I’ve always been amazed what the passion and energy of a comparatively small group of committed people can accomplish against much bigger rivals.”
“I truly believe the best is yet to come. This investment will allow us to fight with greater resources, move faster, and be bolder in our mission. We’re so excited about the opportunities this investment unlocks.”
SGE’s investment will help Smarkets to speed up its deployment in the United States, where its SBK property is already operational in Colorado. It also expects to start in the state of Indiana soon.
Following its successful launch in August 2019, the money will help SBK strengthen its position in the UK mainstream betting sector.
SGE labelled Smarkets as a great firm that had achieved its aims of establishing its business and developing the hyper-saturated online betting market on limited venture capital, joining Passion Capital and Deutsche Telekom as existing Smarkets investors.
Smarkets upward journey
Scott Feldman, Managing Director with Susquehanna Growth Equity said: “We are delighted to be able to join Smarkets on their upward journey. We immediately identified with their vision of using technology to take on the betting industry’s big operators by providing the fairest odds in the world and maintaining a clear focus on product excellence.
“Smarkets have achieved a huge amount with little investment to date and we can’t wait to see them go from strength to strength as they expand further into both the US and UK mainstream market.”