Thursday February 5,2015 : DERBY GAMES RAISE $6.5 MILLION IN FINANCING
Funds to be used to expand existing products and workforce
New York-based pari-mutuel Advanced Deposit Wagering (ADW) operator Derby Games has raised $6.5 million in its latest funding round led by Bullpen Capital in participation with a group of angel investors.
Derby Games said it will use the funds to hire “top talent in engineering, marketing and other areas of operation” to support the growth of the company while continuing the development of its real-money-gaming platform and expanding its mobile platform.
“With a platform that is legal and regulated for 80 percent of American adults, Derby Games is in a perfect position to win in online gambling,” said Tom Hessert, chief executive officer and co-founder of Derby Games. “This funding and the support of great investors like Paul Martino, Alexis Ohanian and Gerry Andlinger will help us to grow even faster, identify new opportunities and execute on our mission to build the largest community of real money gamers in the U.S.”
InfoPowa readers will recall the company launching DerbyJackpot in 2013 providing punters the ability to bet on live horse races from around 100 tracks across the U.S. in a digital social environment.
And its growing, Derby Games says, with over 75 percent of DerbyJackpot players having never previously bet on a horse race and a company that is processing $20 million in bets a year which it expects to more than double its run rate in 2015.