Lottery technology firm Lottery.com has announced an injection of fresh capital, at $1 million, which is expected to enable the company to fully resume operations. The company is also set to purchase Nook Holdings Limited to further develop its Sports.com brand in the Middle East.
Through a placement agency arrangement with Univest Securities, the company says it has strengthened its long-term growth prospects and financial stability. This arrangement resulted in a $1 million investment from new investors, which will help Lottery.com’s core operations such as the Nexus Gaming Platform, WinTogether, and the LotteryLinkTM affiliate network.
The funding, provided in the form of convertible promissory notes and common stock purchase warrants, complements the ongoing support from United Capital Investments Limited (UCIL). The infusion of fresh funds not only revives the operations of Lottery.com but is also expected to create opportunities for strategic acquisitions.
Matthew McGahan, Chief Executive Officer of Lottery.com, said: “It has been a challenging journey for all our stakeholders, but today’s announcement is a reason for great optimism. The successful fundraising, new investors, support from UCIL and the strategic partnerships we are forging are crucial for our 2024 vision. This marks the beginning of an exciting phase where we recommence lottery operations and develop our sports.com brand.
“We will continue to lead the way in reinventing the lottery experience, leveraging state-of-the-art technology to offer innovative solutions. Through the acquisition of Nook, we will create a true sports incubator under the Sports.com brand, fostering growth for companies and individuals by leveraging our extensive network to provide tailored guidance for startups, connecting them with accomplished entrepreneurs, strong networks, and supportive investors.”
Gregory Potts, COO of Lottery.com, added: “This latest infusion of funds and continued support from UCIL marks a pivotal moment for Lottery.com. We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable, and ready to meet the evolving needs of our users. The support from our investors is not just a financial boost but also a vote of confidence in our operational capabilities.”
The company also said it has revised the purchase agreement with Nook and now expects the acquisition to be finalized by the conclusion of the initial quarter of 2024, contingent upon the payment of the outstanding deposit.
Lottery.com describes Nook Holdings Limited as “a pioneering force in the sports, fitness, and wellness industry,” renowned for its innovative co-working approach in Dubai. With 200 licenses secured for individuals and companies in the sports sector, Nook, in partnership with the Dubai Multi-Commodities Centre Free Zone (DMCC), offers a range of services such as business setup support, insurance, VAT registration, and networking opportunities for sports entrepreneurs. Following the acquisition, Nook will be rebranded as Sports.com.
The capital injection follows the announcement last week of new strategic leadership appointments. Matthew McGahan assumed the helm as Chief Executive Officer, President, and Secretary, while Gregory Potts stepped into the role of Chief Operating Officer. The business said these appointments mark ‘a significant milestone” in its journey towards becoming a global leader in the lottery, gaming, and sports industries.
Original article: https://www.yogonet.com/international/noticias/2023/12/20/70158-lotterycom-secures-1m-funding-announces-strategic-acquisition-of-nook-holdings
