MyPrize introduced Thursday, July 31, that it has efficiently closed a $21 million funding spherical, bringing the corporate’s valuation cap to a formidable $250 million.
Led by current backers Dragonfly and Boxcars Ventures, together with contributions from main household workplaces, this newest funding raises the agency’s complete funding capital to $38 million since its founding.
MyPrize was established by Zach Bruch in 2023 and formally launched in the summertime of 2024, shortly rising to prominence because the fastest-growing multiplayer social on line casino within the US. With a exceptional Gross Merchandise Worth (GMV) run fee exceeding $1.2 billion, MyPrize is about to surpass the $100 million annual income threshold and obtain profitability inside its first operational 12 months.
Bruch is clearly over the moon concerning the trajectory the corporate is on, stating, “The expansion we’re seeing at MyPrize proves that social gaming has totally arrived to the US market and there may be large demand for a extra partaking, creator-driven strategy to on-line gaming.”
He added that the brand new capital infusion will speed up growth, enabling the platform to onboard hundreds of further creators, celebrities, and faucet into international markets.
The way in which MyPrize differentiates itself is thru an mix of livestreamed creator content material and sweepstakes-based social on line casino video games, underpinned by proprietary AI-driven participant engagement expertise.
On the time of writing, MyPrize gamers have collectively gained over $500 million in prizes, which simply reveals the platform’s reputation and fast person adoption.
That is no imply feat for such a younger firm however with sweepstakes crackdowns starting to occur all through the US, whether or not MyPrize can climate the storm and proceed on an upward path stays to be seen.
Nonetheless, funds from this newest funding will probably be allotted towards enhancing person experiences, increasing MyPrize’s AI capabilities, and scaling its expertise platform to accommodate growing person demand, so for the time being, it does look like the sky is the restrict.
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