Key Takeaways
- Sector: Technology Software & Gaming.
- Geography: United States.
Analysis
MyPrize, the fastest growing gaming company in the US, has successfully closed a $21 million strategic funding round at a $250 million valuation cap from existing investors and major family offices. The round includes participation from prior lead investors Dragonfly and Boxcars Ventures.
This announcement comes as the company operates at a Gross Merchandise Volume (GMV) run rate of over $1.2 billion, making it one of the fastest growing technology companies in the country.
Founded by Zach Bruch in late 2023 and launched in the summer of 2024, MyPrize is on track to surpass $100M in annual revenue while also reaching profitability by the end of the year, a nearly unprecedented achievement for a company in its first two years of operation. The company continues to experience exponential growth month over month, positioning itself as one of the fastest growing technology companies of all time.
MyPrize's success is being driven by a unique model that combines creator-led livestreaming-based entertainment with online games that offer sweepstakes-based prizes. More than $500 million has been won by players to date, demonstrating that innovation and scalability can coexist in one of the fastest-growing consumer categories.
According to MyPrize Founder & CEO, Zach Bruch, "MyPrize has transformed online entertainment for both players and creators... The growth we are seeing at MyPrize proves that social gaming has fully arrived to the US market... As users embrace this new frontier, MyPrize is ushering in the golden age of online entertainment... Our latest fundraise will unlock the next phase of our exponential growth curve...”
The newly acquired funding will be used to speed up MyPrize's growth and scale its technology platform, enhancing experiences for players and creators with the help of MyPrize's proprietary AI personalization engine. The additional capital will allow MyPrize to expand its reach, onboard more creators, and improve the core product experience for players.
As the first entertainment-native gaming platform, MyPrize is built for shared moments and massive communities, pioneering multiplayer gaming experiences where users can join forces with creators, streamers, and friends.