Rivalry Corp. has secured a CA$14 million (US$10 million) investment from an existing institutional shareholder to accelerate growth.
“Rivalry’s product mix and position in the marketplace have brought the business to the inflection point it’s reached today,” said Steven Salz, co-founder and CEO of the company. “We’re confident in the underlying trends the business is showing and maintain our expectation to achieve profitability in the first half of 2024.
“Strengthening our balance sheet positions the company to maximize the capital, which will enable Rivalry to accelerate the development and release of new products, expand marketing efforts, and extend into new geographies and verticals, setting us on a path where we can pursue growth and profitability at the same time.”
Rivalry, the Toronto-based sportsbook and igaming operator targeting Millennials and Gen Z and operating in 20 countries, has already announced a call Nov. 29 at 10 a.m. ET to release the company’s third-quarter-2023 financial results.