Crowdpark, a startup developer focused on social betting games, today announced investments totaling about $6 million from Target Partners and existing investor Earlybird Venture Capital. This brings the Berlin-based company’s total amount of funding to approximately $8 million. Waldemar Jantz, partner at Target Partners, will also join the board of Crowdpark.
The funding will be used to enhance the technology, develop cross-platform, create new games, and hire more talent in game design and development.
Crowdpark products offer players the opportunity to bet on real life events in sports, entertainment, business, politics and other topics, and to compete against each other in betting events, using virtual currency. Since the game runs in real time, players can change their bet at any time, as the event or news unfolds.
The company said this is made possible by its patented dynamic betting technology that enables forecasts in social gaming in real-time “similar to how people play the stock market.”
Popular bets at the moment are: Will Netflix Oust Its CEO?; Project Runway Week 12: Who Goes?; Michael Jackson’s Lawyer Guilty of Manslaughter?; and dozens of sporting event outcomes.
“Crowdpark is defining an entirely new genre of social betting games based on actual events,” Ingo Hinterding, co-founder and chief product officer for Crowdpark, said in a statement. “Two of Europe’s leading VC firms — Target Partners and Earlybird — share our vision. We aim to extend our growth and build amazing games based on our dynamic betting technology, and in other hot growth categories such as casino games.”