Sportlobster, a sports app that brings fans together, has secured GBP2 million in venture capital funding from UAE-based investment company, Daman Investments.
“Sportlobster is in strong growth mode at the moment and this is certainly a reflection of our investment into – and focus on – the product, particularly this year. Our latest funding allows us to further accelerate our competitive lead in a number of ways,” says the company’s CEO and co-founder, Andy Meikle. “Daman sees Sportlobster as an innovative concept and the product is unmatched. This raise and Daman’s continued support will allow us to execute our global strategy.”
Sportlobster’s new product offering and strategy for growth attracted Daman to not only inject capital upfront but use its corporate finance arm to raise future funding.
“We value innovative businesses that provide technology solutions for consumer needs. Sportlobster has a phenomenal team and provides an excellent social platform for a large market of sports fans across the globe,” says Shehab Gargash, Founder and Chairman of Daman Investments.
The investment by Daman Investments will be used to accelerate and support Sportlobster’s latest products and strategic developments from its London-based HQ.
The company which is backed by sporting celebrities including Michael Owen has already recorded a user base of 2.2 million sport fans across the globe. The company is witnessing a strong growth in the number of active users which is now increasing month on month by 60 per cent.
Meikle says: “As a multi-functional sports app, serving multiple sports, engagement levels are high across the platform, be it through making predictions before events begin, chatting during games with other fans or making use of the blogging functionality. From a commercial perspective, there are multiple ways in which we will generate revenue across the entire platform which will complement the user’s experience and that starts here in the UK working with some of the UK’s biggest gaming companies.”
Sportlobster has appointed Daman Investments as the advisor for future rounds of capital raising. “We are really excited to be part this journey and believe that Sportlobster can become the leading social media platform to cater to over 1.2 billion sport fans across the globe,” says Sumit Mehta, Head of Deal Structuring & Advisory at Daman Investments.
