theScore raising $8.5 million through private placement

theScore has announced its intention to complete a non-brokered private placement for gross proceeds of $8.5 million.

John Levy Family Holdings, Relay Ventures Fund II, and Relay Ventures Parallel Fund II, entities controlled by directors of the company, have each indicated their intention to participate in the offering. The funding will be used to fund theScore’s sports betting related business development activities, as well as working capital and general corporate purposes.

“This offering will support and accelerate our ongoing work to capitalize on the introduction of legalized sports betting in the United States,” said John Levy, the founder and CEO of theScore. “We believe theScore’s large and engaged audience, combined with our expertise in delivering great mobile experiences provides us with exciting opportunities in this space.”

Closing of the offering is subject to approval of the TSX Venture Exchange.