Jackpocket Raises $5M Series B Extension to Grow State Lotteries on the Heels of 3x Sales Growth

Jackpocket,
a mobile-first company helping to modernize and responsibly grow state
lotteries, closed a $5 million extension to its $16 million Series
B funding round raised in October 2018. The company has raised a
total of $30 million to date. Jackpocket has tripled ticket sales and
grown its player base by over 150% in just 6 months since its Series B
announcement.

New investors include Reston, Va.-based PROOF
and gaming industry veteran Gavin
Isaacs, who was recently appointed as a senior advisor to
Jackpocket’s board of directors. Existing investors BlueRun Ventures,
Bullpen Capital, Conductive Ventures, DCM Ventures, Digital Currency
Group, former NBA Commissioner David Stern and Subversive Capital also
participated. Additionally, Jackpocket appointed app economy
entrepreneur and investor, Paul
Palmieri, the former CEO of Millennial Media who led the mobile
ad-tech company from its founding through its $1.4 billion IPO, as a
senior advisor to CEO Peter Sullivan and the Jackpocket board.

“In industry after industry, the consumer utility and market expansion
power of the app economy is clear,” said Paul Palmieri, Managing Partner
of Grit Capital Partners. “Like other app economy industry
accelerations, where one iconic company tends to expand the pie by
offering usability, customer choice, and responsible controls,
Jackpocket has the opportunity and traction, and now the capital, to be
that catalyst.”

“As we continue to lead the category, we are energized by what this new
capital means for the scale of our marketing efforts,” said Peter
Sullivan, founder and CEO, Jackpocket. “With our impressive stable of
investors, and an experienced team, we will significantly grow not only
our business, but the size of the lottery business in the states where
we have live operations.”

The company recently hit the $1
million mark in prizes awarded to Jackpocket players in 2019.

About Jackpocket

Jackpocket
is the first third-party app in the U.S. that offers players a secure
way to order official state lottery tickets, such as Powerball, Mega
Millions and more. As a no-cost, no-integration, turnkey platform,
Jackpocket helps lotteries drive incremental revenue—benefiting
essential state programs such as public education, veterans assistance,
natural resources and more—while attracting new customers like
millennials who otherwise would not be active lottery players.

Jackpocket’s mission is to create a more convenient, fun and responsible
way to play the lottery. Through the app, players can place orders for
their favorite games, check lottery results, join lottery pools with
other Jackpocket players, and turn on autoplay so they never miss a
drawing. And by being the first company to automatically lock a player’s
identity to their ticket serial number, Jackpocket makes the lottery
even more secure. Jackpocket is currently available in Minnesota, New
Hampshire and Texas, and expanding to many new markets in 2019. Download
the app on iOS
or Android,
and follow along on Facebook,
Twitter
and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190523005166/en/