Last Week's Top Funding Rounds

Weekly Money Moves:

This week saw a significant surge in total funds raised, jumping from $2 billion last week to an impressive $2.7 billion, marking a 35% increase. A large portion of this boost came from a significant funding round by QXO, formerly known as SilverSun Technologies, Inc. QXO announced equity investments from Jacobs Private Equity II (JPE) and co-investors, amounting to $900 million from JPE and an additional $100 million from co-investors, including Sequoia Heritage.

This infusion of capital propelled the technology sector to the forefront, capturing 37% of the total funds raised this week, narrowly edging out the Biotech sector, which garnered 36%.

DraftKings secured an up to $324 million offering in connection with its indirect acquisition of JackPocket Inc., as detailed in their SEC filings and announced earlier this year, here.

Despite being overshadowed by the tech and biotech sectors, this substantial investment underscores DraftKings' strategic expansion efforts into the lottery category. Jackpocket, a leading digital lottery service provider in the U.S., is known for its proprietary technology, strong brand, and founder-led management team. The proposed transaction with DraftKings aims to expand DraftKings' presence in the U.S. lottery market while enhancing its Sportsbook and iGaming operations through increased customer lifetime value, effective cross-selling, and improved customer acquisition.

Without further OSB and iGaming legalization in the U.S., DraftKings anticipates the transaction to generate $260-$340 million in additional revenue and $60-$100 million in incremental Adjusted EBITDA by fiscal 2026. Further, they project $350-$450 million in additional revenue and $100-$150 million in incremental Adjusted EBITDA by fiscal 2028. SEC filing for this transaction can be found here, providing further details on this significant move.

Lead Investors: 

Yorkville Advisors, an investment firm known for structured finance solutions, led Wearable Devices's $10,000,000 round. Nirmal Ratan Holdings, focused on strategic investments in emerging technologies, led Insig AI's $1,041,338 offering. HealthLynked's $1,000,000 offering was led by Michael Dent. Crescat Capital, a global macro asset management firm, led Barksdale Resources's $2,925,259 offering. Jacobs Private Equity, specializing in large-scale investments across various sectors, led QXO's $1 billion offering.

Do you know of any other lead investors who put capital into the markets this week? We would be happy to feature the transactions, send us an email at [email protected]