The year was 2012, and one of the big themes in the world of tech at the time was the rise of apps that were bringing previously-offline services into the digital world another big theme was the surge of interest in mobile gaming. Sullivan said that the idea for Jackpocket came to him in part because of his father, who was, in his words, “a blue collar guy born in Brooklyn who played the state lottery in New York, but was computer illiterate.”
But it has grown since then: its current 2.5 million active user figure is up 300% in the last eight months. Sullivan said the company would not be disclosing its valuation with this round, which brings the total raised by the company to just under $200 million.įor some more context: Jackpocket last raised money only in February of this year, a $50 million Series C round, when it was valued at $160 million post-money, according to PitchBook data. (Jackpocket was founded in New York but also has an operation out of Santa Barbara, CA that’s where CEO and founder Peter Sullivan is based and was speaking from when I interviewed him for this story.) Left Lane Capital is leading the investment, with comedian Kevin Hart, Whitney Cummings, Mark Cuban and Manny Machado, among the individuals participating, alongside previous backers Greenspring Associates, The Raine Group, Anchor Capital, Gaingels, Conductive Ventures and Blue Run Ventures and new backer Santa Barbara Venture Partners. This is what Jackpocket’s expansion strategy looks like according to its most recent pitch deck: “We want to provide more fun game play and chances to win, and more ways to give back.” New areas that Jackpocket wants explore include raffles, sweepstakes, bingo, social casino games. “What a lot of people don’t know about the lottery is that a percentage goes to good causes,” he said. “We expect by the end of Q1 to be in at least five other states,” Sullivan said, adding that technology investments are also on the to-do list, by bringing in more “best practices” from the worlds of e-commerce, subscriptions and mobile wallet services, alongside exploring other forms of gaming. and further afield, both on its own and in partnership with others. states, has picked up $120 million in a Series D round, funding that CEO and founder Peter Sullivan said it plans to use to expand from its core business of lottery ticket sales into a wider array of mobile gaming, and to take its business to more markets both in the U.S. Jackpocket, which currently has 2.5 million active users who use its app to buy tickets to play lotteries in 10 U.S.
Apps that let people do virtually what they would have previously had to carry out in person have seen a boom in the last 20 months of pandemic living, and one of them today is announcing a big fundraise on the back of its own strong growth.
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