Rivalry is a Canadian esports and sports betting operator that recently expanded into online casino with its Casino.exe product. The platform lets customers wager on esports matches, traditional sports events, and now casino content, a move management believes will diversify revenue and lessen seasonality tied to esports. In its most recent Q1 results, the company reported rising revenue while trimming operating expenses by 58% following an extensive cost-cutting program. Rivalry’s share price, however, slid from C$1.76 in September 2023 to just over C$0.03 since May, increasing pressure on the balance sheet. To improve its financial position, the firm negotiated a conversion of C$12.5 million in debt into 250.5 million new shares. Management describes the current financing and debt restructuring as the beginning of “Rivalry’s next chapter,” and plans to direct new capital toward corporate development initiatives and working capital.

Total raised

$22M

Funding rounds

1

Latest round

Equity

Latest activity

Jun 2021