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ASX Sports seeks to raise €750,000 through Spark crowdfunding platform

ASX Sports seeks to raise €750,000 through Spark crowdfunding platform

Ciara O'Brien

9 September 2022 at 06:00:00

ASX Sports has also launched new peer-to-peer contests

Irish fantasy sports start-up ASX Sports is seeking to raise €750,000 in a crowd funding campaign as it launches the live fantasy sports fan contests.

The funding campaign, which is being conducted through Spark Crowdfunding, follows last year’s successful raise of €2.2 million through the equity crowdfunding platform. Investors will be given equity in the company through a SAFE note.

It will also be the final funding round offered before it holds its Series A, which is likely to be next year ASX said.

Previous fundraising rounds have proven popular, with the company raising €2.2 million in less than a month. It’s original target of €500,000 was reached within 24 hours of going live on Spark’s platform. It was subsequently extended and raised €634,435 in less than two days.

Equity crowdfunding offers shares in the company to a number of potential investors in exchange for financing, targeting small and medium-sized investors rather than large funds. Investors can provide small contributions, and are entitled to a stake in the company proportional to their investment.

To coincide with the fundraising campaign, ASX Sports has also launched its new peer-to-peer contests, which its says makes it the first fantasy sports platform to have fan contests running live during games. Players can create their own contests and compete for real money or “sportzcoins”, while sporting celebrities, eSports gamers and social media influencers can monetise their own followers and streamers.

“The launch of peer-to-peer games on ASX demonstrates our dedication to driving innovation in the fantasy sports market. It comes at a time when our beta app has been installed more than 20,000 times, with over 30,000 contest entries across 10 of the biggest sporting leagues and competitions in the world including the NFL, NBA, EPL, MLB and the Six Nations,” said cofounder and president Paddy Power. “The launch of our ‘Stocks for Sports’ Index games for NFL, Premier League, and Rugby in the third quarter will provide real growth in our revenue and position ASX Sports for a major fundraising exercise in the coming months.”

Dublin-based Spark Crowdfunding has more than 9,500 investors on its database and has raised funds for 28 Irish start-ups over the last three years. “We’re delighted to offer exclusive access to this exciting high-potential investment opportunity on the Spark site,” said Spark Crowdfunding CEO Chris Burge. “This is likely to be the last opportunity to invest in ASX ahead of their Series A round in 2023.”

The Irish Times

Click here to view the source article.

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