Liverpool-Based Startup Betmate Secures $2 Million in Series A Funding
Introduction
In a significant boost to its growth prospects, Liverpool-based social gaming startup Betmate has successfully raised $2 million in a recent Series A funding round. The investment was spearheaded by Accelerate Ventures, a London-based venture capital firm with a keen interest in the sports and gaming sectors. This funding milestone marks a pivotal moment for the company, which is poised to expand and innovate within the competitive landscape of social gaming.
About Betmate
Founded in 2020 by Ryan Lawrence and Declan Dowling, Betmate has carved out a unique niche in the social gaming market by offering a "people-versus-people" sports gaming experience. The platform provides users with engaging daily fantasy sports options and dynamic sports accumulators, fostering a vibrant community of sports enthusiasts who thrive on competition and collaboration.
Betmate’s innovative approach to gaming allows players to connect not just with the games but with each other, enhancing the overall user experience. The recent funding round includes capital earmarked for Engage Games, Betmate’s B2B arm, which specializes in white-label, free-to-play game solutions.
Celebrating Funding Success
Announcing the funding milestone on LinkedIn, co-founder Ryan Lawrence emphasized its importance for the company’s growth trajectory. He remarked, "Kicking off 2025 with some incredible news: we’re closing our latest $2 million funding round for Betmate and Engage Games.” Lawrence’s enthusiasm was palpable as he highlighted the backing from “world-class investors with backgrounds in sports, gaming, and betting,” signaling strong confidence in Betmate’s vision and potential.
Previously, in September 2022, Betmate had raised an undisclosed amount in seed funding from Haatch, a venture capital firm in Stamford, Lincolnshire. This earlier financial boost helped the startup lay a solid foundation for its future growth.
Future Plans and Expansion
Looking ahead, Betmate is gearing up for a transformative year in 2025. Lawrence noted that the company ended the previous year as the UK’s highest-rated gaming app and expressed excitement about bringing new features, game modes, and sports opportunities into the fold. "This milestone is the culmination of a lot of hard work throughout 2024; a true rollercoaster year of both incredible growth and a lot of challenges along the way," he commented.
The funding will also enable Engage Games to enhance its offerings, providing businesses with bespoke gaming solutions to better engage their audiences. As part of this expansion, Betmate is actively seeking to fill key positions, including a head of growth and a head of B2B, to drive these initiatives forward.
Accelerate Ventures’ Inaugural Investment
For Accelerate Ventures, the $2 million investment in Betmate represents its inaugural venture since launching in 2023. Founded by Lucas Danson, a director at Wigan Athletic FC, the firm is focused on identifying promising startups with substantial growth potential in the gaming and sports industries. The firm expressed enthusiastic support for Betmate’s vision, stating, “We are excited to work with and help Betmate to grow and build the next phase of their business, Engage Games, which provides white-labeled bespoke games for clients who want to better engage with their target audience.”
Regulatory Compliance and Growth Trajectory
Betmate operates under licenses granted by the UK Gambling Commission, including linked gambling software and pool betting licenses, which were issued in February 2021 for its platform, betmate.app. Over the past few years, the startup has experienced remarkable growth, establishing itself as a leader in the UK gaming app market.
The Broader Context of Gaming Investments
The successful funding round for Betmate is reflective of a broader trend within the gaming industry, where innovative startups are attracting significant investment to support their growth. In related news, crypto-focused casino and sportsbook Winna.com concluded last year with a $15 million seed funding round to further its expansion after a summer launch. Additionally, BetHog, a crypto casino and sportsbook by creators of FanDuel, recently completed an Alpha launch and raised $6 million in seed funding to bolster its efforts.
Conclusion
As Betmate steps into 2025 with renewed vigor and financial backing, the company is well-positioned to drive innovation in the social gaming space. With ambitious plans for growth and a commitment to enhancing user engagement, Betmate is set to make waves in the industry, promising an exciting future for sports gaming enthusiasts in the UK and beyond. The successful Series A funding is not just a financial milestone; it symbolizes the potential for transformative change in how sports gaming is experienced and enjoyed.
