Fresh funds will go towards expansion of engineering resources, product growth and exploration of new avenues, formats, and features.
SAN FRANCISCO, June 15, 2021 (GLOBE NEWSWIRE) -- Beryllium, an innovative game development startup that is integrating trading mechanisms with emerging sectors such as fantasy sports, today announced that it has secured a $3 million investment for its Pre-Series A Round led by Bullpen Capital. Other investors in the round include Singapore-based Genting Ventures and existing investor, Velo Partners, following a $600,000 Seed Round in November 2019.
The funding will be used to expand the Beryllium team and engineering resources, while also allowing the firm to explore and facilitate more product avenues, game formats, and features. Beryllium aims to expand the product globally, while further developing their local Singapore tech headquarters.
Beryllium was founded in 2019 by Amay Makhija, who recognized the challenges and difficulty that many young people face when it comes to aspects of finance and trading. With the vision to ensure trading engages the younger generation and the firm belief that trading should be expanded beyond traditional markets, Beryllium aims to ensure that users across all sectors and industries are able to trade in a digitally native, experience-driven manner.
As a new breed of game developers, Beryllium is aiming to service the high growth fantasy service sector that is rapidly expanding globally. The Beryllium Platform provides an out-of-the-box licensed solution to companies across the world that are looking for innovative sport-fintech games.
Commenting on the successful fundraise, Amay Makhija, Founder of Beryllium, said, “As a passionate believer in bringing trading mechanisms to game design, our trading engine for fantasy sports has really set us apart from regular fantasy leagues. We aim to engage and empower the younger generation with knowledge on how trading works and hope to add value to this space by creating a platform that guarantees a seamless user experience. We are humbled to be able to leverage the global expertise and sector specific knowledge of our investors to further achieve our goal.”
Fantasy sports is one of the fastest growing markets around the world. According to Allied Market Research, the fantasy sports market was valued at $18.9 billion in 2019, and is expected to reach a valuation of $46.7 billion in 20271 globally. In India alone, the number of fantasy sports users has seen exponential growth, from two million users in 2016 to more than 100 million in 20202 – an increase of over 50 times.
“Beryllium sits at the intersection of day trading, social gaming and sports tech and we’re excited to help them lead a fantasy sports-tech revolution in one of the world’s fastest growing markets,” said Paul Martino, General Partner at Bullpen Capital. “We see massive opportunity in a fantasy-sports-meets-traditional-day-trading-type play, and we learned early on with FanDuel how big of an impact fantasy sports technology can have in the right hands.”
Beryllium has recently launched its first brand, Sixer, revolving around the concept of fantasy cricket in India. The Sixer game has had great early success, scaling rapidly to service over 150,000 users in a very short period of time. Today, Beryllium is poised to establish its geographical footprint within the region and seek opportunities to integrate the game engine across a wide range of sectors.
For more details on Beryllium, please visit www.beryllium.ai.
Beryllium is a Singapore-based sports and fintech oriented game development firm that aims to bring trading mechanisms to game design. The current Beryllium platform is aimed towards introducing trading systems to fantasy sports, so that users can buy and sell fantasy stocks in athletes. Founded in 2019, Beryllium aims to engage and educate the younger generation on how trading works through a topic that is more exciting – fantasy sports. The Beryllium game engine is infinitely scalable and has been built to expand across sports, markets and sectors.
About Bullpen Capital
Bullpen Capital is challenging the traditional model of venture capital as the pioneer in “post-seed funding”, the critical round between Seed and Series A that catapults startups to a supersize Series A while giving founders more control over their future. Since 2010, Bullpen has invested in hundreds of companies across five funds that have generated billions in revenue. The portfolio features name-brand companies like FanDuel, WAG, SpotHero and Grove Collaborative. The Bullpen model relies heavily on leveraging data and seeks out the startups who are “off by one”; those that have achieved product-market fit in nontraditional locations and markets ranging from gaming to the Internet of Things and the sharing economy.
For more information visit www.bullpencap.com
About Genting Ventures
Genting Ventures is the corporate venture arm of Genting Group, a Malaysia-based conglomerate with diversified businesses across leisure & hospitality, gaming, entertainment, plantations, property development, biotech, and energy. Founded since 1965, Genting has operations spanning across Singapore, Indonesia, India, China, US, as well as the UK. As a leading hospitality group, Genting Group offers a suite of products under a number of premier brands including Genting, Resorts World, Genting Grand, Genting Club, Crockfords, Maxims, Crystal Cruises, and Dream Cruises. Genting Group also has tie-ups with established names such as Universal Studios, Premium Outlets, Zouk, Hard Rock Hotel, Hilton and other renowned international brand partners.
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