The London-based peer-to-peer betting exchange firm Smarkets has raised another $2.3 million in a round of funding led by Deutsche Telekom's T-Venture, along with existing backer Passion Capital.
The additional capital will be used to “accelerate technical and product development”, specifically through staffing up in engineering and other developer positions. Accordingly, the Smarkets board will be reinforced by new members - Randeep Wilkhu, a senior investment manager at T-Venture, and Robert Dighero, an angel Investor and partner at Passion Capital.
Founded in 2008 by Jason Trost (CEO) and Hunter Morris (CTO), Smarkets is currently achieving around GBP 30 million in transactions traded each month, it has superior technology and offers a better deal for punters through lower commissions on each bet - just 2 percent.
The main rival to Smarteks will be Betfair, though Ladbrokes and its recently acquired Betdaq have big plans for the market as well.
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