Venture capital fund Yolo Investments has just announced their latest investment in Australian-based esports betting brand Picklebet.
Picklebet is a leader in the fast-growing esports betting market. It is licensed and regulated by Australia’s Northern Territory government, and is already scaling internationally as it builds its brand.
The company enjoyed rapid growth through 2020, and has built out its platform to establish strong foundations for the coming years.
Tim Heath, GP at Yolo Investments, said: “Many have tried and failed to capitalise on the clear opportunity presented by esports betting, but Picklebet’s expertise and approach uniquely position it to succeed in the field. Its bespoke platform is tailored to its audience, and it has built a team with an unparalleled understanding of what it takes to grow a brand at the intersection of esports and gaming.”
Nicholas Heaney, CEO and Co-founder at Picklebet, said: “We are fortunate to announce follow on participation from Tim and the team at Yolo Investments in our recent funding round. Picklebet saw significant growth in 2020, and the tailwinds supporting esports and online wagering continue to strengthen. The investment is the result of a shared vision to build a home for the next generation of bettors. It will allow Picklebet to deliver the esports betting product the community demands, growing our lead within the domestic market, while also providing the resources to scale our international business.”