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Sunday, April 21, 2024

MyRacehorse raises $7 million to develop racehorse possession platform

FinancialMyRacehorse raises $7 million to develop racehorse possession platform

Racehorse possession platform MyRacehorse has raised $7 million from a collection of traders led via way of means of Stronach Group.

MyRacehorse’s proprietary platform permits customers to examine racehorses and buy a fractional percentage in a horse for a one-time fee. The platform additionally affords updates from the instructor and jockey and immediately payouts of prize money.

Stronach’s 1/ST Racing & Gaming and 1/ST Technology divisions served as lead traders withinside the investment round.

“1/ST’s undertaking to introduce and interact the following era of lovers and proprietors in revolutionary and exciting new approaches aligns flawlessly with the MyRacehorse concept,” stated Aidan Butler, CEO of 1/ST Racing & Gaming. “The capacity to turn out to be an proprietor of a Thoroughbred racehorse and to be a part of an possession enjoy that till now has been inaccessible for many, is surely exciting. We have visible first-hand the achievement of MyRacehorse and we sit up for supporting scale this platform throughout racing, wagering and beyond.”

MyRacehorse is predominantly targeted at the United States and Australia and has these days extended to the UK and Ireland. It boasts extra than 50,000 energetic proprietors and one hundred energetic horses who’ve gained over a hundred and sixty races global with profits in extra of $20 million.

“This is the final strategic partnership; having 1/ST Racing & Gaming and 1/ST Technology because the lead traders now no longer most effective affords us the capital to boost up growth, however the strategic property and get admission to to decorate the possession enjoy for our 50,000 plus racehorse proprietors,” stated Michael Behrens, founder and CEO of MyRacehorse and discern business enterprise Experiential Squared.

“1/ST Racing & Gaming and 1/ST Technology are revolutionary leaders in all components of Thoroughbred racing and had been supportive of MyRacehorse for the reason that beginning. The partnership affirms 1/ST’s dedication to developing possession and similarly immersing lovers in our sport.”

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