Sports betting software developer Voxbet has secured strategic funding from a number of international investors, led by Waterhouse VC CIO Tom Waterhouse and Tekkorp Capital CEO Matt Davey.
The investments have been conducted via the two businessman’s respective firms, whilst Davey’s holding has leveraged the ‘expertise and experience’ of Rbon Chhabra and Andy Clerkson, former executives at Fox Bet and William Hill respectively.
Voxbet intends to use the funding to drive international growth and support development of its proprietary natural-language betting transcription software across its voice and text services, with the goal of ‘bolstering its product roadmap’ over 2022.
“The Waterhouse VC Fund aims to generate capital growth by holding long-term strategic investments in companies that can truly shape the future of the sports betting industry,” Waterhouse remarked.
“Voxbet’s technology immediately improves and delivers a step change in the UX for international customers, so their credentials leapt off the page.”
Waterhouse’s Waterhouse VC was founded in August 2019, and focuses on global investments across publicly listed and private betting and gaming businesses, in particular B2B suppliers.
Meanwhile, Davey – who was previously CEO of Scientific Games Corporation’s (SGC) digital division SG Digital – has detailed a goal of “pinpointing a high-growth betting and gaming company with which to merge”, following Tekkorp Digital’s $250 million initial public offering last October.
For Voxbet, the funding round represents the third major development for the company over the past two months, following on from its rebranding from its original corporate identity of Onionsack.
Whilst operating as Onionsack, Voxbet was able to secure agreements to provide its voice-to-text bet translation technology to major gaming companies such as Flutter Entertainment’s Paddy Power and France’s Paris Mutuel Urbain (PMU).
Following its rebranding, Voxbet appointed former William Hill Online Managing Director Andrew Lee as its new Chairman, as it seeks to expand its scope and global presence across the betting and gaming industry.
Jonathan Power, Founder of Voxbet, said: “We’re thrilled to be joined on our journey by such an excellent company. In leveraging their collective understanding and expertise, alongside an extensive network of long-standing relationships, Voxbet is instantly better-placed to strategically identify and execute on our next important steps.
“The team’s members have been involved in some of the most defining and instructive transactions in the sector, invariably creating significant shareholder value in the process. Naturally, they bring invaluable advisory acumen beyond their respective investments.”