- Rivalry (RVLY) is announcing C$10 million in strategic financing
- Global bookmaker Pinnacle, alongside technology and payments stakeholders, will lead the financing round
- The proceeds will go toward accelerating operational objectives and pursuing strategic growth opportunities
- Rivalry is a sports betting and media property offering fully regulated online wagering on esports, traditional sports, and casino games
- Rivalry (RVLY) last traded at $1.35 per share
Rivalry (RVLY) is announcing C$10 million in strategic financing.
Global bookmaker Pinnacle, alongside technology and payments stakeholders, will lead the financing round.
Rivalry – which has been a user of Pinnacle’s esports and risk management solution for several years – will allocate the proceeds to accelerating operational objectives and pursuing strategic growth opportunities with an eye on scaling economic returns.
The non-brokered private placement involves the issuance of up to 6,666,666 subordinate voting shares priced at $1.50.
The financing follows over two years of record-breaking results for Rivalry, averaging double-digit month-over-month revenue growth on a trailing two year basis as of March 2023.
“The terms and strategic value of the stakeholders participating in this round represent a vote of confidence in our one-of-a-kind team, market strategy, and unique ability to execute within this emerging vertical,” said Steven Salz, Rivalry Co-Founder and CEO. “With this funding we anticipate both continuing our pace of growth and our trend toward profitability.”
“As a leader and innovator in online betting, Pinnacle is constantly looking for like-minded partners to help further grow the industry and our global footprint,” said Paris Smith, Pinnacle’s CEO. “That is what led us to Rivalry, and it is impressive how in a short period of time, they have carved out a powerfully unique position in the field of online betting.”
Closing is expected in one or more tranches beginning on or about May 5, 2023. All securities issued will be subject to a hold period of four months plus one day.
Rivalry is a sports betting and media property offering fully regulated online wagering on esports, traditional sports, and casino games. Millennial and Gen Z consumers accounted for 97 per cent of active bettors in 2022.
Rivalry (RVLY) last traded at $1.35 per share.
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