SportsHero, a social network dedicated to sports prediction, is heading for the Australian Securities Exchange (ASX) through a reverse takeover (RTO) of Nevada Iron (NVI). NVI has issued a prospectus and the initial roadshows to brokers and which has reportedly swept a strong interest from sophisticated investors in Singapore and Australia. SportsHero anticipates beginning trading on the ASX in December 2016.
Pursuant to the prospectus, 60,000,000 shares of common stock at AU$0.05 (US$0.04) per share, raising AU$3.0 million (US$2.2M approx.), will be issued. The company claims that the RTO has been approved by NVI shareholders.
“SportsHero has been built by sports fans for the sports fan. We’re looking to extend the sporting experience through daily, weekly and monthly contests with prize giveaways of sports memorabilia,” said Dinesh Bhatia, Co-founder and CEO, SportsHero.
“We’re also connecting sports fans to brands and sponsors globally, and in the process, building the world’s largest sport fan and sponsorship ecosystem. We’re also enabling sports fans to monetize their prediction skills in a fun and competitive manner,” he added.
SportsHero to provide a cost-effective platform
Since launching in April 2016, SportsHero has been building an ecosystem connecting brands and sponsors to sports fans. The company 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 fan around the world. It is currently available in 164 markets across six continents.
“Everybody is looking for the next big ticket – that hidden gem of a startup with the model for explosive growth, traction, and impressive revenue; an app that makes its users feel good, brings in sponsors and offers a way to earn its most loyal users big bucks,” said Bhatia.
Focus on capitalizing the growing sports market
The ASX listing comes at a time when mobile penetration in Asia-Pacific is booming, with two billion smartphones in 2016, according to research by Statista. The company claims that sports are also making an impact on national economies: the Chinese government plans to promote the development of China’s sports industry and consumption, with a target to have their domestic sports industry exceed US$727 billion (5 trillion yuan) in value by 2025.
“SportsHero looks to successfully capitalize on these opportunities around sports prediction and alternate sports revenues, offering a safe and legal platform. At the heart of this is consumer demand – and by offering a mobile app which engages users, meets the objectives of brands and satisfies regulators, we are confident of creating a legacy as the world’s number one social medium dedicated to sports prediction,” added Bhatia.