Sports-betting and data technology start-up Mercurius is delighted to announce it has achieved its target of raising €500,000 in second-round funding from industry investors.
The Milan-based company has now raised a total of €800,000 from two funding rounds and will use the money raised to enhance and develop its sports-trading product and further expand the team.
Mercurius was founded in 2017 by Fabrizio Machella, the CEO, Lorenzo Malanga who performs the role of Head of Data Science and Mario Ciardulli who is the company’s Chief Marketing Officer.
Machella said he was excited by the level of interest the business generated in its latest funding round.
“We have a very thrilling idea for the future of sports trading and we are very pleased that our investors agree that we are on the right path,” he said.
“They are backing our vision of building a product that will exploit the increasing similarities between the worlds of gambling on sports and trading financial instruments. Our whole proposition is based on the idea that sports betting will become ever more trading- and exchange-based thanks to the evolution of data analysis and predictive technology.”
Mercurius wants to get sports-betting into finance
The money from the second round of funding will help develop Mercurius’ idea of moving sports-betting towards being regarded as a new type of alternative asset class.
Specifically, a pilot will be set up with investment firm Digital Value which will create a financial vehicle for sophisticated investors to take advantage of Mercurius’ AI-based data technology.
“We plan to increase the number of competitions we can analyse and the types of bets we can effectively cover alongside being able to model workable hedging strategies,” added Machella.