Rivalry raises $20m in funding round and eyes IPO before 2022
Esports operator to develop product and launch licence procurement strategy following capital raise
Canadian esports betting operator Rivalry has raised $20m in its latest funding round as the group sets its sights on an initial public offering (IPO) later this year.
Rivalry revealed the capital injection was sourced from investors across Canada, the US, Europe and an undisclosed “major gaming operator”.
The Toronto-based firm said it would use the funds to scale operations and embark on an international licensing programme to spread its global footprint.
Having originally launched in February 2018 with a core focus of esports betting, Rivalry has since expanded into traditional sports betting and online casino.
Steven Salz, Rivalry CEO, said: “With the close of this funding round we are able to accelerate our expansion plans through new licences and grey markets under our existing regulatory regime, new product development, and our goal to provide the safest and most engaging sports betting experience in the world.
“While Rivalry started by focusing on esports betting, an increasing percentage of our business is traditional sports, and shortly a suite of original casino IP,” he added.
If Rivalry does successfully complete its IPO, it will follow the likes of Esports Entertainment Group and Luckbox as esports-centric companies to go public.