Football sweepstakes app Circl has launched a new crowdfunding campaign as it aims to raise £2m by the end of the year.
The Manchester-headquartered company previously secured a £375,000 investment towards the end of 2021.
Circl closed a pre-seed funding round which was led by Dutch Sport Tech Fund, combined with various angel syndicates.
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At the time, the company said it was aiming to raise £2m over the next 12 months as well as create new jobs and expand into Europe and the US.
Its new Crowdcube campaign has already secured more than £326,000 worth of investment through over 50 backers.
The company has a target of £400,000 for this round and is expecting to launch further drives in the future.
The Circl leadership team consists of founder and CEO Will Hawkins, CTO Mark Quinn and CFO Eddie Ross.
Mr Hawkins was formerly a product manager at Push Doctor and AccessPay while Mr Quinn was director of engineering at Mojo Mortgages. Mr Ross was head of mobile at SkyBet.
A statement on Circl's Crowdcube page said: "The convergence between sports media, sports betting and consumer brands is the future of digital entertainment, giving birth to a totally new casual betting landscape.
"Revenues from broadcasting rights have plateaued. Many sports broadcasters are seeking new ways to connect, monetise and grow their viewership.
"We've seen sports betting firm’s innovation stifled by M&A and core offerings. Firms lack the capacity to create solutions for the new challenges of attracting, acquiring and engaging Gen Z and Millennial audiences.
"Consumer brands fight for sports fan share of wallets. Brands such as Deliveroo, Just Eat and Dominoes are looking for more innovative ways outside of TV advertising to connect with their audiences.
"Circl provides a new way for sports fans and non-sports fans alike, to watch and engage with live sport, together.
"At the core of our concept, is a super fun game that everyone can understand, enjoy and potentially win cash prizes.
"We hope that Circl’s low barrier to entry will act as an effective top of funnel proposition. Our initial traction shows that we will acquire customers at a significantly lower average CAC spend, compared to that seen in the sports betting market.
"As we grow, we believe we will be able to connect with brands and offer customers more ways to win with Circl. Creating a win win fan engagement ecosystem for everyone involved."
Circl's Crowdcube campaign has 30 days still to run.
