Jackpocket, a mobile-first company helping to modernize and responsibly grow state lotteries, closed a $5 million extension to its $16 million Series B funding round raised in October 2018. The company has raised a total of $30 million to date. Jackpocket has tripled ticket sales and grown its player base by over 150% in just 6 months since its Series B announcement.
New investors include Reston, Va.-based PROOF and gaming industry veteran Gavin Isaacs, who was recently appointed as a senior advisor to Jackpocket’s board of directors. Existing investors BlueRun Ventures, Bullpen Capital, Conductive Ventures, DCM Ventures, Digital Currency Group, former NBA Commissioner David Stern and Subversive Capital also participated. Additionally, Jackpocket appointed app economy entrepreneur and investor, Paul Palmieri, the former CEO of Millennial Media who led the mobile ad-tech company from its founding through its $1.4 billion IPO, as a senior advisor to CEO Peter Sullivan and the Jackpocket board.
“In industry after industry, the consumer utility and market expansion power of the app economy is clear,” said Paul Palmieri, Managing Partner of Grit Capital Partners. “Like other app economy industry accelerations, where one iconic company tends to expand the pie by offering usability, customer choice, and responsible controls, Jackpocket has the opportunity and traction, and now the capital, to be that catalyst.”
“As we continue to lead the category, we are energized by what this new capital means for the scale of our marketing efforts,” said Peter Sullivan, founder and CEO, Jackpocket. “With our impressive stable of investors, and an experienced team, we will significantly grow not only our business, but the size of the lottery business in the states where we have live operations.”
The company recently hit the $1 million mark in prizes awarded to Jackpocket players in 2019.