Megapot raises $5M
Megapot — an Ethereum‑based, crypto‑powered global lottery startup — closed a $5M pre‑seed led by Dragonfly with participation from Coinbase Ventures and Bankless Ventures to scale its platform (cryip.co). For angels this signals continued niche crypto infra and consumer‑product raises despite tighter macro markets (cryip.co).
Patrick Lung, Megapot’s founder and former product lead at Uniswap and Microsoft, started the project in January 2024 and describes himself as the company’s CEO on his site. (aol.com) Megapot runs its prize pools and draws on Base, an Ethereum Layer‑2, and settles payouts in stablecoins to enable cross‑border prize distribution; the product sells $1 tickets and Megapot says players came from 124 countries in early runs. (kucoin.com) (megapot.io) Since launching, Megapot reports 19 jackpot winners and cites a top payout of $207,076 to a first‑time winner; the team also says its initial lotteries featured jackpots over $1 million. (megapot.io) Beyond institutional backers, the round includes industry founders and angels such as Nigel Eccles (Betfair/FanDuel lineage), Zach Bruch (MyPrize), Josh Hannah, Felix Anthony and a longer list of gaming and crypto operators named in Megapot’s investor roll. (megapot.io) Megapot’s public materials list a compact founding team that includes alumni from Uniswap, PoolTogether, Microsoft and BuzzFeed, and media coverage notes the company currently operates with seven employees. (megapot.io) (aol.com) The company says the fresh capital will fund international expansion, new game experiences and developer tooling for partners building on top of its prize‑pool model, and the launch post describes a “completely rebuilt” global lottery released earlier this week. (megapot.io) (phemex.com)
