MyPrize Secures $21M to Fuel Explosive Growth, Nears $100M Revenue in First Year
Social casino startup MyPrize has closed a $21 million strategic funding round at a $250 million valuation cap, a move that will fuel the company’s unprecedented growth. Founded by Zach Bruch in late 2023, the company is on a staggering trajectory, projecting over $100 million in annual revenue while simultaneously achieving profitability by the end of the year.
A Meteoric Rise in the Social Gaming Space
MyPrize’s growth has been nothing short of meteoric. The company, which only launched its product in the summer of 2024, is already operating at a gross merchandise value (GMV) run rate of over $1.2 billion.
Reaching profitability in its first two years after founding and just one year after launch is a nearly unprecedented feat for a technology company.
The new funding round, which brings MyPrize’s total raised to $38 million, includes participation from prior lead investors Dragonfly and Boxcars Ventures, as well as major family offices.
The capital injection validates the company’s explosive start and provides the resources to continue its rapid expansion.
The Creator-Driven Model
The engine behind this growth is a differentiated model that fuses creator-led livestreaming with sweepstakes-based online games.
MyPrize is building what it calls the first “entertainment-native gaming platform,” where content creators and their communities are the primary drivers of engagement and loyalty.
“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,” said Zach Bruch, MyPrize Founder & CEO. “The nature of entertainment has fundamentally changed with speculation taking center stage.”
Fueling the Next Phase of Growth
The new $21 million in capital will be used to pour fuel on the fire. MyPrize plans to accelerate its growth by scaling its vertically integrated technology platform, which is powered by a proprietary AI personalization engine. The funds will also be used to onboard thousands of new creators and celebrities to the platform.
“Our latest fundraise will unlock the next phase of our exponential growth curve and open the MyPrize platform to thousands of new creators, celebrities, and all-new markets globally,” Bruch added.
MyPrize’s successful funding round is a clear signal that its innovative model is resonating with both users and investors. The company has already seen over $500 million won by players on its platform, proving that its blend of entertainment and sweepstakes gaming is a powerful combination.
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