DFS sports game PrizePicks has confirmed this week the closure of $850,000 bridge funding led by Parlay Capital Holdings. Also contributing to the raise was AMJ Ventures as well as a host of notable angel investors, including 15-time World Series of Poker Champion Phil Hellmuth.
Adam Wexler, Founder and CEO of PrizePicks, commented on the rationale behind the funding, saying: “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, said the firm, have been one of the few areas impervious to the COVID-19 recession, citing DraftKings’ recently reached $3.3m merger deal to go public in April. “However, as evidenced by PrizePicks, investment opportunities are not just limited to the public markets,” it claimed.
On his involvement in the raise, Hellmuth stated: “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 company through a priced round fund raise ahead of the start of the 2020 NFL season. With PrizePicks being one of the only domestic pure-play sports betting operators in the industry, he believes this investment opportunity should speak for itself.