PHILADELPHIA, April 6, 2021 /PRNewswire/ -- PLLAY, a skill-based video game wagering platform, has raised an additional $1 million in funding, bringing its total to $4 million in an oversubscribed seed round. The additional investment, led by Viridian Equity Partners and investor Gayle Jennings-O'Byrne, builds on the initial $3 million secured late last year.
The oversubscribed seed round comes at a time when PLLAY's community of gamers is growing rapidly. Through 2021, new matches played have increased tenfold, new registered users have doubled, and average wager size per match has increased to over $20.
"Investors are backing us because they not only believe in our technology and vision but also our ability to execute," says Shawn Gunn, Co-Founder and CEO of PLLAY. "The seed round was oversubscribed because the investor community recognizes the unique technology we're bringing to the table and how it enhances any video gaming experience."
PLLAY will use the additional capital to further enhance the user experience, expand technology development, build out the PLLAY team, accelerate user acquisition, and market PLLAY to a broader audience.
"PLLAY's leadership has the talent to build a company that thrives in a growing and fast-changing gaming industry," said Gayle Jennings-O'Byrne, co-founder and general partner of the WOCstar Fund. "I'm just pleased that I was able to bring my network of investors into this deal. It's tremendously important for businesses led by women and people of color to help shape the gaming and fintech industries for the decades to come."
A peer-to-peer wagering platform, PLLAY heightens the excitement of gaming by raising the stakes. With PLLAY's mobile-first application, players 18 years of age or older can square off in a competitive video game and place a wager on the action, with the winner taking home 100% of the prize money.
"PLLAY is tapping into a demographic of competitive gamers that are overlooked by traditional esports," said John Draper II, Chief Operating Officer of Viridian Equity Partners. "It's a huge market that sits at the intersection of entertainment, sports, and culture. By investing in PLLAY and its unique technology, we can reach a massive cohort of casual gamers who enjoy showing off their competitive chops and profiting in the process."
PLLAY's AI-driven platform eliminates the typical friction points associated with skill-based gaming, including slow (or even no) payout methods, cheating, winner verification, and underage gambling. Through real-time monitoring of live streams with computer-vision, PLLAY's platform acts as a virtual referee, certifying wins and losses and creating a safe environment for gamers to wager with confidence, while removing any concerns they won't get paid.
PLLAY users can currently wager on Call of Duty: Modern Warfare, Madden 21, FIFA 21, NBA 2K21, and Fortnite across both Xbox and PlayStation consoles.
About PLLAY: PLLAY is the world's most powerful video game wagering and data platform. With PLLAY's mobile application and a gaming console, players have instant access to real money competitions. It allows users to wager on head-to-head video game matches and keep 100% of the winnings. Powered by AI and computer-vision technology, PLLAY monitors matches, offers real-time analysis, identifies winners, and dispenses prize money within seconds of winning.
Founded by veteran entrepreneurs Shawn Gunn and Christine Krzyzanowski, PLLAY gives over 800 million "casual gamers" the chance to put their passion for gaming to the test – and cash in.