UK
MyPrize, a social casino operator, revealed on Thursday that it had raised $21 million, valued at $250 million. The online gaming startup went on to say that it anticipates making over $100 million by 2025.
Among the investors in the most recent investment round, which was the company's first since March 2024, were Boxcar Ventures and Dragonfly. MyPrize, a Miami-based company founded in 2023 by Zach Bruch, likewise projects a $2 billion gross merchandise value (GMV) run rate in 2025. The company's artificial intelligence (AI) initiatives will be furthered with a portion of the recently collected funds.
"The strategic funding will be used to accelerate MyPrize’s growth and scale its vertically integrated technology platform to drive better experiences for players and creators alike, powered by MyPrize’s proprietary AI personalization engine,” according to a statement.
Privately owned MyPrize is a web3 gaming platform that promotes social gaming and teamwork, which are sometimes absent from conventional gambling websites.
MyPrize During its Period of Growth
MyPrize's remarkable growth trajectory is confirmed by its most recent fundraising round. The company raised $13 million in two investment rounds in March 2024, which suggests a valuation of $140 million. However, after the most recent capital infusion, that amount has nearly doubled.
This expansion reflects the growing interest in social casinos and cryptocurrencies among investors and bettors. The rise in popularity of cryptocasinos in recent years has paved the way for more people to adopt and utilize Bitcoin and other digital currencies.
“The company continues to grow at an exponential pace month over month. MyPrize’s position as one of the fastest growing technology companies of all time is being driven by a differentiated model that blends creator-led livestreaming-based entertainment with online games that offer sweepstakes-based prizes on MyPrize.us,” it added in the statement.
MyPrize operates a social casino offering free-to-play games in the US, albeit it isn't accessible in all 50 states. The business runs a bitcoin casino with real money games outside of this nation.
Additional Encouragement for MyPrize
The fact that Boxcar Ventures and Dragonfly took part in the operator's initial investment rounds is another positive indication of MyPrize's most recent capital raise. Their decision to return for additional money may indicate that they have faith in MyPrize's management and growth.
MyPrize might be in the right place at the right moment as younger gamblers embrace new ways to wager and the nexus between cryptocurrencies and betting.
“As demand for real-time, socially-driven gaming continues to rise, the new capital will enable MyPrize to expand its reach, onboard more creators, and enhance the core product experience for players,” the company added in the statement. “MyPrize is building the first entertainment-native gaming platform, one where creators and communities drive engagement, loyalty, and long-term value.”
