Betting Innovation Takes Center Stage as ParlayBay Secures €3.5 Million in Latest Investment Round
January 19, 2024
In a significant stride towards revolutionizing the sports betting industry, B2B start-up ParlayBay has successfully raised €3.5 million in its latest fundraising round. The funding will be instrumental in enhancing ParlayBay’s product suite, aimed at providing an unparalleled betting experience for players globally.
Founded in 2020 by former Yggdrasil CEO and founder Fredrik Elmqvist, alongside Patrick Nordwall, former head of business for Nordic markets, ParlayBay has quickly become a pioneering force in the iGaming sector. The company, headquartered in Malta, offers a diverse range of sports betting products, including in-play microbetting games, comprehensive betting markets and odds, and leaderboard-based jackpot games. ParlayBay’s commitment to innovation extends to player acquisition and retention through its proprietary ParlayPowers promotional toolkit.
Currently collaborating with 15 sports betting brands worldwide, ParlayBay has established partnerships with industry leaders such as Dafabet, Mostbet, and Betturkey. In a strategic move, the company inked agreements with M88 and 96.com last year, signaling its ambition to broaden its influence in the Asian betting markets.
Expressing his enthusiasm, Fredrik Elmqvist, co-founder and executive chairman of ParlayBay, remarked, “We are very pleased to have raised a significant amount in our latest funding round, particularly during such challenging economic times. Thousands of players are enjoying our products and the unique betting experiences they provide, which is the main reason why we have been able to secure this additional investment.”
The newly acquired €3.5 million in funding will be dedicated to further improving ParlayBay’s product suite, ensuring an even more immersive and technologically advanced experience for its user base. Elmqvist added, “As we make a concerted effort to expand our presence in Europe, this injection of funds will certainly help us ramp up our growth here and in other regions we are looking to expand into in the future.”
ParlayBay’s relentless commitment to innovation and its ability to secure substantial funding even in challenging economic climates underscore its position as a frontrunner in the dynamic landscape of sports betting.
