Swedish Startup Space

Angel Investors, Music Execs And Ikea’s Chairman Fund New Betting App

Written by on April 6, 2016
Editors Note: This post is part of a series called Latest news, presented by Breakit.

The Swedish betting app Oddsium aggregates the odds from all the biggest betting sites in one app. The company has now raised $860,000 from a number of prominent investors.

The idea is simple: Instead of scouring the internet for the best odds while betting on sports, gamblers can get all the biggest betting sites aggregated in one app.

Or, as the Oddsium-founder Krister Malm describes it, Spotify for betting.

“We collect all of the odds and gambling games in the same way that Spotify collects all the music. It’s really a simplified solution for the customer. You only have to log in once to reach any of the major betting companies, and you never leave our user experience while using the app. That is unique”, he says.

With its new affiliate business, the company has attracted a number of prominent investors lately. Among them are the venture capital firm Victor & Victor (who has invested in Safello and Sportamore, among others), Addinvest (which was founded by Ikea’s chairman Lars-Johan Jarnheimer), Jonas Siljemark (President at Warner Music Nordics), Jacob Key (former VP of Digital Strategy at Warner Music). The company has raised a total of $860,000 (7 million SEK).

“We also have a number of prominent investors from the betting industry, but they do not want to disclose their investments to the public”, Krister Malm says, and adds that several large betting companies have offered to invest. However, Oddsium has turned them down.

“Our long term goal is to do what Spotify has done and get all the major betting companies on board as shareholders. Right now we want to be independent. We don’t want to risk some companies pulling out from the platform because their competitors make money of it”, Krister Malm says.

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