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Female-focused online casino brand Betty has raised $5m in pre-Series A funding led by CEAS Investments as the start-up approaches its upcoming Series A round.

Powerhouse Capital and Courtside Ventures also participated in the raise, as did iGaming VC incubator HappyHour.

Powerhouse Capital is an LA-based venture fund focused on media, entertainment and gaming. The team has invested in companies such as Scopely, The Athletic, Wondery and FanDuel.

HappyHour, meanwhile, invests in iGaming start-ups with a vision to be a leading capital provider by delivering exceptional value for partners and stakeholders. Select investments include Livespins, Flows, Fluid and Kero Sports.

Betty previously raised $7m in investment in 2023, again supported by HappyHour.

The company hopes to harness the power of a currently underserved female gaming audience to create a unique online casino experience.

To this end, Betty is focused on transparency, community-based play, and gamification of the traditional slot experience, catered specifically to female players.

This strategy has allowed Betty to retain female players at a rate three times higher than their male counterparts, according to Betty CEO and co-founder Justin Park.

The latest capital injection will be used to expand user acquisition, improve live operations, and upgrade Betty’s proprietary platform from Midnight 1 to Midnight 2.

“Betty has successfully implemented best practices from the most successful mobile gaming franchises into the real-money iCasino market,” said Salim Mitha, managing partner at Powerhouse Capital and former EVP of Playtika.

“We have seen first-hand how these strategies can supercharge user growth and revenues,” he added.

Betty is licensed by the Alcohol and Gaming Commission of Ontario (AGCO) having launched in the Canadian province in February 2023.

The company is understood to have achieved an eight-figure net revenue run rate that has grown 30% month-over-month since launch.

Robin Reed, managing partner at HappyHour, said: “Betty has a clear vision and plan to differentiate themselves in the market by prioritising female online slot players and by building an in-house platform.

“It’s a privilege to support their growth, both in terms of capital and product expertise, and we look forward to continuing on this exciting path together,” he added.

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