On July the 10th, AutoLotto announced they had closed a $17 million Series A funding round. The investment was led by a series of private investors and will help to grow and expand the company’s mobile app, which gives consumers the opportunity to play Powerball directly from their smartphone. Simultaneously, users can opt to receive the results of the drawing on their phone. Today, the AutoLotto mobile app is available throughout the country. It currently features ticket scanning and tracking functionality.
In the upcoming months, the company will introduce in-app ticket play across the United States market, as well as some international markets. This Series A fund raising saw the return of many investors from previous rounds. AutoLotto’s CEO, Tony DiMatteo, insists “the level of strategic investment affirms the market’s believe in AutoLotto as a clear leader in re-imagining how people play the lottery”.
He also believes the new technology can create allure for a new generation of players. “We’re attracting a new generation of lottery players, capturing an entirely new market while advancing the industry.” Since the company’s inception, they have raised more than 19 million dollars. Many of the company’s early investors have also invested in some of the world’s biggest tech companies, including Twitter, Uber, Instacart, PayPal, Tesla, and Facebook.
Current investors include Jason Port, Bruce Gibney, Ryan Scott, Ben Narasin, and Aurum Partners. In addition to the round of funding, AutoLotto has also formed new partnerships with iHeartMedia and Gatehouse Media. Both have invested and contributed media assets giving AutoLotto the ability to expand its market coverage at an accelerated pace. The AutoLotto is the first of its kind. The app seeks approval from state legislators to allow consumers to play state lotteries on their mobile phone.
The AutoLotto app, which is available on iOS and Android devices, gives players the ability to play instantly with zero commissions and zero fees. Simultaneously, it allows the winner to collect one hundred percent of the winnings.