Rivarly, a Toronto, Canada-based internationally-regulated sports betting and media property, closed a US$20m funding round.
Backers included institutional investors from Canada, the United States, the European Union, and a major gaming operator.
The company intends to use the funds to scale its operations and country licencing program. They plan to pursue a potential going public transaction which it expects to complete this year.
Led by Co-founder and CEO Steven Salz, Rivalry is an sports betting and sports media property offering fully regulated online wagering on esports, traditional sports, and casino. The compay also has a variety of originally developed products, including Quest, a gamified on-site betting experience, and shortly a suite of original casino games that offers both B2C and B2B opportunities.
The company, which currently holds an Isle of Man licence and is currently completing multiple country licences in parallel, operates a global team of nearly 60 employees. It is wholly-owned and operated by Canadian parent company, PMML Corp., which is privately held and based in Toronto.