Sweepstakes casino MyPrize secures $21M funding round, set to surpass $100 million annual revenue

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MyPrize introduced Thursday, July 31, that it has efficiently closed a $21 million funding spherical, bringing the corporate’s valuation cap to a powerful $250 million.

Led by current backers Dragonfly and Boxcars Ventures, together with contributions from main household places of work, this newest funding raises the agency’s complete funding capital to $38 million since its founding.

MyPrize was established by Zach Bruch in 2023 and formally launched in the summertime of 2024, rapidly rising to prominence because the fastest-growing multiplayer social on line casino within the US. With a outstanding Gross Merchandise Worth (GMV) run charge exceeding $1.2 billion, MyPrize is about to surpass the $100 million annual income threshold and obtain profitability inside its first operational 12 months.

Bruch is clearly over the moon in regards to the trajectory the corporate is on, stating, “The expansion we’re seeing at MyPrize proves that social gaming has absolutely arrived to the US market and there’s huge demand for a extra partaking, creator-driven method to on-line gaming.”

He added that the brand new capital infusion will speed up growth, enabling the platform to onboard 1000’s of further creators, celebrities, and faucet into international markets.

The best way MyPrize differentiates itself is thru an mix of livestreamed creator content material and sweepstakes-based social on line casino video games, underpinned by proprietary AI-driven participant engagement expertise.

On the time of writing, MyPrize gamers have collectively gained over $500 million in prizes, which simply reveals the platform’s recognition and speedy person adoption.

That is no imply feat for such a younger firm however with sweepstakes crackdowns starting to occur all through the US, whether or not MyPrize can climate the storm and proceed on an upward path stays to be seen.

Nevertheless, funds from this newest funding will likely be allotted towards enhancing person experiences, increasing MyPrize’s AI capabilities, and scaling its expertise platform to accommodate rising person demand, so in the mean time, it does look like the sky is the restrict.

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