Helping charities to raise money through sports betting
Graham Carrick (30), from Blackrock in Dublin, is the co-founder of RunLastMan.com. The online fundraising platform for sports clubs and charities across Ireland and the UK has just secured €120,000 in funding, a deal that values the two-year-old company at €1.1m.
"I set up the company in 2013 with business partners Daniel Holden and Ronan Ryan. The company is based in Sandyford Industrial Estate.
"The idea behind it was to allow sports club and charity officers to save time and effort in managing fundraisers by hosting them through the site's fully automated service.
We use a betting/gaming hybrid system to raise money. Initially the product was based around the popular 'Last Man Standing' competitions run for the English Premier League.
It's simple: John pays a single entrance fee at week one of the competition. Then he picks Chelsea to beat Spurs. If Chelsea win he goes through, but he won't be able to pick Chelsea again. Peter picks Villa to beat Arsenal, but it's a draw so Peter is out. The competition continues until everyone goes out and the pot is split between the last remaining entrants, or one person remains - The "Last Man Standing".
Since launching we have diversified to include games in rugby, GAA, NFL and golf. We also hosted a highly successful prediction game for the World Cup in Brazil last summer.
The site has channelled €130,000 to clubs and charities in the past 12 months and now boasts in excess of 13,000 registered players. It grew extensively in 2014. We increased staff numbers to four, built up our games and redesigned our website.
In the past month we have developed our software to the point that other brands are able to take ownership of the product and host and run the games as their own.
We have partnered with some major media organisations and kit suppliers seeking to run last man standing games through their own websites.
Obtaining a gambling licence was key; that allowed us to launch the site in UK last June. We have secured 330 clubs and charities since the UK launch, where the online gambling sector is worth over €3bn and the fundraising space is worth over €6bn.
The €120,000 just raised from a group of investors will go towards increasing our mobile presence. We plan to launch an app for Apple later in 2015, hire more sales and marketing staff and spend on marketing in the UK."