Deutsche Telekom’s T-Venture leads $2.3m funding round
February 21, 2013
We’re pleased to announce that we have successfully closed a series A funding round and raised $2.3 million in venture financing from T-Venture, a division of Deutsche Telekom, and our existing investors Passion Capital.
These long-awaited funds are going to allow us to accelerate technical and product development, and take Smarkets to the next level. As well as improving site stability and reliability, new features planned include a dedicated mobile app, price history, trading charts and new markets for users to trade on.
We’re also excited to finally have the resources to implement some of the suggestions our customers have been making to us over the past 3 years. We have heard your voice, taken note of your continuous feedback and are thrilled to crack on with putting your suggestions into action.
On the managerial side, we are welcoming Randeep Wilkhu, Senior Investment Manager at T-Venture, and Robert Dighero, Angel Investor and Partner at Passion Capital, as board members. With the expertise of an established company like Deutsche Telekom behind us, we’re looking to find the right growth strategy for Smarkets to make a major impact on the competitive online betting industry. In the role of the industry challenger, we’re looking to disrupt the market by offering a pure exchange experience, characterised by industry-leading low commission, high liquidity and the best trading experience.
We are grateful to all our existing customers for helping us get this far. We don’t take your trust or patience lightly and much appreciate your loyalty, support and feedback to date, especially during the rough times. It’s been an amazing journey so far, and we’re looking forward to embarking on the next stretch of it together with you.