Cipher Sports Technology Group secures A$5m in Series A funding round
Australian sports betting firm will look to expand further into the US market following the raise
Cipher Sports Technology Group has raised A$5m (£2.84m) in Series A funding, led by Melbourne-based investment group Cygnet Capital.
The sports betting firm will look to make further inroads into the US market and other international markets over the next 12-18 months.
Cipher did not disclose its post-money valuation, revenue or any other financial information.
The firm was formed in November last year through a merger of iRival Media and Hypometer Technologies, both based in Australia.
Cipher owns and operates consumer-facing sites in the US, including dimers.com, and uses the company’s technology that helps bettors predict the results of matches.
Cipher makes money by having advertising on the site from companies such as BetMGM, DraftKings and PointsBet.
Cipher also generates funds through providing goods and services to media firms and sportsbooks in the B2B market.
For instance, in May, Cipher and US publishing company Advance Local signed a contract under which Cipher’s tools and content will be displayed on Advance’s websites, PennLive.com, LehighValleyLive.com and GulfLive.com.
Cipher also has strong roots in the Australian market, with its site that features the Australian Football League and the National Rugby League.
The firm plans to further expand in both Australia and the US, with five new hires for its Manhattan office and five for its Australian base.
Adam Fiske, Cipher CEO, said: “Prior to creating the Cipher Sports Technology Group, both companies [Hypometer Technologies and iRival Media] had been working on a number of projects together, so formalising that relationship was the natural evolution for us.
“We were essentially playing in the same space – albeit with a very different approach – so it didn’t take us long to realise we should be collaborating at a far deeper level, and that’s what we’ve done.
“IRival Media’s strengths were in its content, community strategies and affiliate expertise, so by joining forces [with Hypometer Technologies], we will build vibrant betting communities that are underpinned by brilliant technology,” Fiske concluded.