Smarkets has entered a new enterprise and innovation phase, having completed a Series-B funding round securing a new majority investment from Susquehanna Growth Equity (SGE).
The transaction marks the first capital raise by Smarkets since the firm’s inception in 2008, which saw it raise to £3.8 million seeking to establish itself as a leading online betting exchange.
Subsequent year-on-year growth has seen Smarkets establish its headquarters in London, supported by its tech and innovation arm in Los Angeles.
The company – founded by former equities trader and incumbent CEO Jason Trost – continues its ethos of developing its own end-to-end proprietary technologies and systems, launching its SBK sportsbook app back in 2019.
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 allow Smarkets to accelerate its rollout in the US market, where its SBK property is live in Colorado, and anticipating an imminent launch in the state of Indiana.
The funding will further bolster SBK’s position in the UK mainstream betting market after its successful launch in August 2019.
Joining Passion Capital and Deutsche Telekom as existing Smarkets investors, SGE branded Smarkets as a remarkable company that had achieved its goals of establishing its business and scaling the hyper-saturated online betting market on limited venture funding.
“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,” said Scott Feldman, Managing Director with Susquehanna Growth Equity.
“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.”