Rivalry Announces Plans To Go Public On Toronto Stock Exchange, Secures $22M

Rivalry Limited recently announced plans for the company to go public on the Toronto Stock Exchange by October. This news comes after the organization successfully raised $22 million in a recent round of funding that was led by Eight Capital and Cormark Securities.

Thanks to this oversubscribed financing round, Rivalry has now raised $44 million over the last 12 months. This includes a $20 million infusion of money that came back in March to help the company’s operations and licensing programs.

“I don’t think we’re going to go in (the U.S.) by owning independent licenses ourselves,” Salz said. “If you’re a traditional sportsbook and you’re going for the 34, 35-year-old gambler, you have to be in the U.S. That’s the last big bastion for growth. But it’s not really the same for us,” said Rivalry CEO Steven Salz. “We find 18 to 26, 27-year-olds are coming into the field globally. There are tons of markets that are attractive for us. The U.S. is, as well, but it’s going to be a longer play for us because there’s not the same urgency we feel about the U.S. as other people do.”

According to Salz, the company is currently valued at $150 million. This information was first reported by Forbes.

(All information was provided by Forbes and Esports Insider)