Following roadshows to brokers and sophisticated investors in Singapore and Australia, SportsHero raised AU$3.2 million (US$2.4 million) through the issue of 64 million shares issued at AU$0.05 (US$0.04) per share. SportsHero’s listing came via a reverse takeover of Nevada Iron.
“The Board and management team look forward to creating accelerated value for our shareholders with the successful listing on the Australian Securities Exchange,” said Dinesh Bhatia, CEO, SportsHero.
According to him, the listing will give SportsHero access to both domestic and international investors and the proceeds raised will allow the company to advance the development and commercialization of SportsHero on an Asian and global scale, including developing e-commerce and engagement features for further monetization of the platform.
“Over the next 12 to 18 months we will focus on customer acquisition, introducing additional sports and on enhancing the features and user experience, while sustaining strong engagement among users,” he added.
SportsHero’s listing comes at a time when mobile penetration in Asia-Pacific and consumer demand and interest in sports are increasing. Research firm Statista expects 2.3 billion smartphone users worldwide in 2017, while the sports industry is making an impact on national economies, with the Chinese government reportedly targeting their domestic sports industry to exceed US$727 billion (5 trillion yuan) in value by 2025.
Pursuant to the recent prospectus, SportsHero claims that its mobile app has already seen a growing level of engagement with over 80,000 users and retention rates increasing.
Through the SportsHero app, sports fans can engage, compete and interact with each other through daily, weekly and monthly competitions and win daily prizes. The app supports football (soccer), and is planning to roll out cricket, basketball and baseball in 2017. It enables users to monetize their sports prediction skills and become “Sports Heroes”. For a follower fee, SportsHero gives users access to validated prediction tips and revenue share with these top sports heroes.
The company has revealed plans to work with leading global brands to drive peer-to-peer commerce and user engagement, by providing a cost-effective platform to reach large numbers of engaged sports fans around the world. The app is currently available in 164 markets across six continents.
