MyPrize announced Thursday, July 31, that it has successfully closed a $21 million funding round, bringing the company’s valuation cap to an impressive $250 million.
Led by existing backers Dragonfly and Boxcars Ventures, along with contributions from major family offices, this latest funding raises the firm’s total investment capital to $38 million since its founding.
MyPrize was established by Zach Bruch in 2023 and officially launched in the summer of 2024, quickly rising to prominence as the fastest-growing multiplayer social casino in the US. With a remarkable Gross Merchandise Value (GMV) run rate exceeding $1.2 billion, MyPrize is set to surpass the $100 million annual revenue threshold and achieve profitability within its first operational year.
Bruch is obviously over the moon about the trajectory the company is on, stating, “The growth we are seeing at MyPrize proves that social gaming has fully arrived to the US market and there is massive demand for a more engaging, creator-driven approach to online gaming.”
He added that the new capital infusion will accelerate expansion, enabling the platform to onboard thousands of additional creators, celebrities, and tap into global markets.
The way MyPrize differentiates itself is through an blend of livestreamed creator content and sweepstakes-based social casino games, underpinned by proprietary AI-driven player engagement technology.
At the time of writing, MyPrize players have collectively won over $500 million in prizes, which just shows the platform’s popularity and rapid user adoption.
This is no mean feat for such a young company but with sweepstakes crackdowns beginning to happen throughout the US, whether MyPrize can weather the storm and continue on an upward path remains to be seen.
However, funds from this latest investment will be allocated toward enhancing user experiences, expanding MyPrize’s AI capabilities, and scaling its technology platform to accommodate increasing user demand, so at the moment, it does seem like the sky is the limit.
The post Sweepstakes casino MyPrize secures $21M funding round, set to surpass $100 million annual revenue appeared first on ReadWrite.
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