Zippia has just announced that it has secured €9 million ($9 million) in its latest financing round. The round was led by Elacqua Ventures with participation from existing investors Access Venture Capital, BetVictor, and Innoven Capital. The company says it will use the funding to continue its rapid growth.
Financing Round Details
The latest round of financing follows an earlier funding round of €4.9 million from Elacqua Ventures in November 2018. The company says it has also received €600,000 in startup loans from InvestInMe in partnership with Fáilte Ireland, Enterprise Ireland, and the European Investment Fund. In May of this year, it completed a €5 million Series A funding round with participation from Access Venture Capital, F&C AG, Fáilte Ireland, and Innoven Capital. The additional funding allowed the company to significantly scale up its development team.
What Is Zippia?
Founded in 2017, Zippia is an online marketplace for betting on sporting events. Its customers use the platform to place bets on a wide range of sports, including football, motorsport, tennis, and golf. The company also offers in-play and live betting, as well as a suite of mobile apps for iOS and Android devices.
Why Are They Betting On Sports?
It’s well-established that sports betting has grown rapidly in popularity over the past few years. According to figures from Global Market Insights, the sports wagering market was valued at €11.8 billion in 2017 and is expected to rise to €15.95 billion by 2023.
What’s more is that there’s fierce competition in the market as brands such as Paddy Power, BetVictor, and Sky Bet try to offer consumers the best possible experience when it comes to sports betting.
That being said, sports are a great way to make money. Whether you enjoy watching sports or not, there are always plenty of matches taking place around the world. This means there’s always the possibility of you witnessing a game that you feel like placing a wager on. And given the right circumstances, the betting can be lucrative. For instance, there’s no question that 2018 was a very good year for sports betting. Not only did we see some incredible upsets in international football, but some events turned out to be winning propositions for betters.
Betting On Motorsports
One of the most exciting developments in sports betting over the past year has been the growing popularity of motorsport. This is particularly the case when it comes to rallying, with fans across the world watching international events such as the Dakar, the Baja 1000, and the World Rally Championship. This has resulted in the creation of a dedicated motorsport section on Zippia — with the Baja 1000 alone attracting over 70,000 entries this year.
The appeal of motorsport is obvious. Not only do you get to indulge in your favorite hobby, but you can also make a few extra bets along the way. And if your hobby is earning you money, why not?
Based on its latest financials, Zippia is certainly well-placed for further growth. In the three months to September 30, the company generated €3.4 million in revenue. This is significant growth for a startup and demonstrates the appeal of the company’s proposition. In addition, its net income more than doubled to €800,000 in the same period.
While it’s great to see a company establish itself in an established industry and reap the benefits from this, it’s also important to keep your eye on the future and ensure that you maintain a healthy balance sheet. To this end, Zippia continues to establish its position as one of the main go-to platforms for sports betting. Further rounds of funding will allow the company to expand its operations and offer more products to its customers.
Zippia is available to bet on sports from £2 on English Football and Cricket to $100,000 on NCAA Basketball and March Madness. And with the BetVictor App, you can even place your bets on the go. Whether you’re a soccer fan looking to follow the action from your phone or an enthusiast who wants to place a few bets a week, there’s something for everyone.