MyPrize introduced Thursday, July 31, that it has efficiently closed a $21 million funding spherical, bringing the corporate’s valuation cap to a formidable $250 million.
Led by present backers Dragonfly and Boxcars Ventures, together with contributions from main household places of work, this newest funding raises the agency’s whole funding capital to $38 million since its founding.
MyPrize was established by Zach Bruch in 2023 and formally launched in the summertime of 2024, rapidly rising to prominence because the fastest-growing multiplayer social on line casino within the US. With a exceptional Gross Merchandise Worth (GMV) run charge exceeding $1.2 billion, MyPrize is about to surpass the $100 million annual income threshold and obtain profitability inside its first operational yr.
Bruch is clearly over the moon concerning the trajectory the corporate is on, stating“The expansion we’re seeing at MyPrize proves that social gaming has totally arrived to the US market and there may be huge demand for a extra participating, creator-driven strategy to on-line gaming.”
He added that the brand new capital infusion will speed up growth, enabling the platform to onboard hundreds of extra creators, celebrities, and faucet into international markets.
The way in which MyPrize differentiates itself is thru an mix of livestreamed creator content material and sweepstakes-based social on line casino video games, underpinned by proprietary AI-driven participant engagement know-how.
On the time of writing, MyPrize gamers have collectively received over $500 million in prizes, which simply exhibits the platform’s recognition and fast consumer adoption.
That is no imply feat for such a younger firm however with sweepstakes crackdowns starting to occur all through the US, whether or not MyPrize can climate the storm and proceed on an upward path stays to be seen.
Nonetheless, funds from this newest funding can be allotted towards enhancing consumer experiences, increasing MyPrize’s AI capabilities, and scaling its know-how platform to accommodate growing consumer demand, so in the meanwhile, it does appear to be the sky is the restrict.
The submit Sweepstakes on line casino MyPrize secures $21M funding spherical, set to surpass $100 million annual income appeared first on ReadWrite.
