ZEAL invests in UK sweepstake startup Circl
German lottery broker adds to VC arm’s stable with financial and consultation commitment
ZEAL has invested in free-to-play startup Circl via its investment arm, ZEAL Ventures, as it looks to expand its burgeoning portfolio.
The undisclosed investment will see Circl bolstered with financial backing from the German lottery firm, along with ongoing consultation and support from the senior team at ZEAL.
Since 2017, ZEAL Ventures has backed 10 business with investments ranging from £100,000 to £2m.
The arm currently has five firms in its portfolio including lottery-style draw companies Omaze and Pick My Postcode.
Circl is an online real-time sweepstakes app that initially allowed small groups of friends to put funds into a shared pot that was then paid out randomly based on events happening during a game of football.
In July 2022, Circl secured £400,000 in funding from multiple backers on Crowdcube.
At the time, co-founder Will Hawkins said: “Thank you to all who believe in our team, our product and the global market opportunity in providing a new way to enjoy and engage with live sport.”
Dirk Reiche, ZEAL Ventures investment director, said Circl was one of the small number of companies developing “visionary” products in the sector.
Reiche said: “We are pleased to add Circl, another promising startup, to our portfolio with immediate effect. The development of the gaming industry has picked up speed in recent years and has produced numerous visionary technical innovations.
“This is crucial for our industry, as the future of the market is taking place online. For this reason, we look forward to working with Circl and mutually sharing ideas for an even more diverse gaming and entertainment experience in the future,” he added.
Mark Quinn, Circl chief technical officer, commented: “The founding team are delighted to be working with ZEAL Ventures. The expertise they bring from the lottery and gambling sector is going to be invaluable to us as we continue to scale Circl and bring great new products to the market. The support they will bring is not just financial, it will help with every pillar of our business.”