Venture Capital News: Jackpocket Nabs $50M Series C
NEW YORK, NY, Jackpocket announced today the conclusion of a $50 million Series C funding round.
Jackpocket, the first and only licensed third-party app in the U.S. to provide a secure way to order official state lottery tickets, announced today the conclusion of a $50M Series C funding round. After seven years of operation, Jackpocket has won regulatory approval in New York and New Jersey, and has also worked with eight other states to provide consumers with the easiest, most compliant way to play the lottery today. The company's new investment is already paying off; in January alone, new user growth surpassed the entirety of 2020. After launching in New York last month, Jackpocket hit 7% of all Powerball tickets sold in the state.
The Series C funding was fueled by diverse companies, groups, and individuals who share Jackpocket's vision to revolutionize the lottery and gaming market. This group includes major firms such as Raine Group, Greenspring Associates, Circle K Ventures, TEGNA Ventures, BRV Capital, and Gaingels, and a number of new high-profile individual investors, such as David Blitzer, the owner of the NJ Devils & 76ers, Sean Hayes, actor and producer best known for his role in Will & Grace, and Jon Ledecky, the owner of the NY Islanders.
Jackpocket is on a mission to create a more convenient, fun and responsible way to play the lottery. By being the first company to automatically lock a customer's account to their ticket serial number, Jackpocket makes the lottery even more secure. Jackpocket is currently available in Arkansas, Colorado, Minnesota, New Hampshire, New Jersey, New York, Ohio, Oregon, Texas, and Washington, D.C., and is expanding to many new markets.
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