AAP Finance

SportsHero nets $2m for Indo football app

By AAP Newswire

ASX-listed company SportsHero has picked up almost $2 million in added funding to further develop its "white label" smart phone application, which was initially created for football-mad Indonesians.

The Queensland-based real-time fantasy sports app developer announced on Friday it had issued 37.25 million shares to investors at five cents each, raising $1.86 million in working capital.

That cash will be plugged into expanding the scope of its Football Association of Indonesia mobile app, Kita Garuda, as a "white label" template for future clients.

Shares in SportsHero rose from 0.02 to 22 cents in August 2017 after its reverse takeover of ASX-listed Nevada Iron Ltd at the end of 2016.

In the past two years, the formerly Singapore-based company's share price has shed more than 70 per cent to 6.3 cents.

Kita Garuda went live on the Apple App Store and Google Play in June after SportsHero reached an agreement to build Football Association of Indonesia's first official platform.

SportsHero also has a footprint in the region as the developer of a pay-to-play sports prediction platform for Spain's La Liga.

It's preparing to launch the sports prediction app - a concept popularised by US start-ups DraftKings and FanDuel - in the Australia's multibillion-dollar gambling market, using some of the extra cash to fund the project.

SportsHero secured a Australian sports bookmaker licence from the Northern Territory Racing Commission this year as part of the joint venture with Cross Bet Holdings.

Chief executive Tom Lapping said the latest cash injection demonstrated the company had the backing of shareholders old and new.