betNOW (United Kingdom) - Jan 2008

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01 January 2008

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Balderton Capital has led a series-A financing round for start-up mobile betting service betNOW, taking a minority stake in the business. The value of the deal, which also included contributions from several angel investors, was not disclosed, although it is believed to be in the region of $5m. The new capital will be used to fund further development of the company’s service and marketing initiatives in the UK.

Company

London-based betNOW’s unique service allows users to places bets quickly and easily via text message. Customers simply text their desired bet, following which they receive a reply detailing all the relevant options from which they can select and place the bet of their choice. All bets are charged to the user’s telephone bill and winnings can be collected through one of the UK’s 14,000 post offices. This remote service enables established gamblers to place bets remotely from any location and has specific appeal to sports fans who can bet while at an event, in the pub or watching at home. betNOW was founded in 2006 and currently employs 11 staff.

People

Sean Seton-Rogers led the investment for Balderton and will join the betNOW board. Robert Urwin is the founder and CEO of the business.

Advisers

Company - Heller Ehrman, (Legal)Equity - Nabarro, (Legal)

Sourced from: UK & Ireland unquote" 362 (Feb 2008)