In support of its US expansion plans, Low6 has successfully completed a $5 million funding round, ahead of its planned initial public offering (IPO).
The Birmingham, UK-based free-to-play games developer intends to launch its IPO in the US later this year, whilst the recent funding round will be used to drive continued growth, with a special focus on stateside operations.
Low6’s US activities have seen the company partner with both notable sports teams and betting operators, having most recently developed a free-to-play game for the Detroit Pistons.
Additional partnership signed in 2021 saw the company become the official free-to–pay partner of the NFL’s Cincinnati Bengals, the PointsBet and the PGA Tour in a double agreement, and betting operator BlueBet in the state of Iowa.
“2021 was a successful year of growth for Low6, and the conclusion of our latest round of funding will allow us to accelerate our continued development in 2022,” commented Jamie Mitchell, Co-Founder and Group CEO, Low6.
“Throughout 2021, we continued to build our products and service offering, enabling us to win new partners and significant new contracts. With these new funds secured, and a number of exciting new partners, we believe we are well placed to enjoy a successful 2022.”
An IPO has been a long term ambition for Low6, with the sports gamification firm securing further financial backing from Pires Investment almost a year ago, whilst in 2020 it closed a pre-IPO funding round to raise £3.3 million in convertible notes.
Commenting in an interview at the SBC Summit North America, Mitchell expressed his belief that it was the perfect time for the company to initiate its US expansion plans, coming off the back of its partnership with the PGA Tour.
He explained: “Now is the right time to expand into the US for us because I think it’s almost a gold rush now as states become regulated and able to take legal bets for the first time, a provider like Low6 being naturally positioned there makes a lot of sense.
“If it’s the gold rush then we see Low6 as the picks and shovels, guys, helping you go into those mines and mining the gold.”