Mobile betting games and app developer Low6 has secured a new £1.5 million funding round, strengthening the firm’s 2021 IPO prospects.
This morning, London AIM-listed technology fund Pires Investments Plc disclosed that it had participated in Low6’s latest share subscription, securing ‘6667 ordinary shares in Low 6 Limited at a price of £30 per share for a total consideration of £200,000‘.
The firm said it will back Low6’s B2B business model as a high reward scheme for emerging sports betting markets and media platforms seeking to diversify their traditional portfolios.
Low6 develops apps and games which enable sports teams, franchises and media platforms to maximise their loyal following for partner services – reducing customer acquisition costs and strengthening brand and customer loyalty.
To date, Low6 has developed 36 customised games for leading sports organisations including the UFC, PDC Darts and Scottish Premiership.
The developer holds further high coverage media partnerships with Sky Business and leading North American app publisher Yinzcam Inc.
In its transaction notice, Pires Investments cited the Low6 ‘highly scalable partnership model’ as an attractive proposition benefitting lucrative US wagering and broadcast partnerships.
Peter Redmond, Chairman of Pires, commented: “We are pleased to be able to invest in Low6 at a key point in its development. We believe that Low6 has developed an exciting and innovative platform which is attractive both to sports clubs and their fan bases and, with the additional funding now being provided, they will be able to scale the business significantly.”
Since its founding in 2017, Low6 has raised over £8 million to date and plans to raise more funds through a pre-IPO funding round with a view to completing an IPO in H1 2021.