Esports betting platform Luckbox has completed an oversubscribed private placement to the tune of CAD$17.8m.
The company set an initial funding target of $5m but quickly pushed the target to $15m within 24 hours, beating expectation further still when the final amount was announced in.
Luckbox will continue to use the money it raises from funding rounds to grow its existing team, adding to the technological platform as well as hiring additional people to help with scaling. Luckbox received brokered and non-brokered offers worth $17m and $824,700 respectively.
The company has been growing rapidly, posting strong growth throughout 2020 driven by esports, but the company has made it clear that sports and casino verticals will be just as important to its future growth and success.
Luckbox was created by Lars Lien and Mike Stevens, two PokerStars veterans who a shared love for popular competitive video games and wanted to develop a worthwhile betting platform.
Commenting on the latest funding round, Luckbox chairman Drew Green said that the growth in esports and sports betting had made it easier to secure additional funding.
Luckbox recently became a member of the Canadian Gaming Association (CGA), ahead of the planned legalization of single-sports betting in the country.