After confirming new funding, technology company Lottery.com is fully resuming operations, to include the acquisition of Nook Holdings to develop its Sports.com brand in the Middle East.
The secured funded comes from a placement agent agreement which Lottery.com entered into with Univest Securities. As part of this agreement, Univest has introduced Lottery.com to new investors, resulting in an initial investment of $1m.
The funding is in the form convertible promissory notes and common stock purchase warrants. The new investment is in addition to the ongoing funding being provided by United Capital Investments Limited (“UCIL”).
"This latest infusion of funds and continued support from UCIL marks a pivotal moment for Lottery.com,” said Gregory Potts, COO of Lottery.com. “We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable, and ready to meet the evolving needs of our users. The support from our investors is not just a financial boost but also a vote of confidence in our operational capabilities and future vision."
The new capital also enables Lottery.com to advance its strategic acquisitions. The company has revised the terms of the original purchase agreement with Nook. After completing the payment of the remainder of the deposit, Lottery.com now anticipates finalising the Nook acquisition by the end of the first quarter of 2024.
