Social gaming firm raises new capital

US investors seem to like social gaming firm Youbetme, which has raised a further $2.7 million in funding this week following its $1,2 million in start-up funding back in January this year.

Based in San Francisco, the company reports that its sports betting-oriented app achieved over 100,000 downloads in the first months following its launch, and is set to reach more than a million by the end of 2014.

The app does not permit real-money wagering, but records and facilitates communication between parties who bet with one another on events that range from personal challenges and prop bets to sporting wagers.

As one company spokesperson explained:

“Youbetme caters to not only sports enthusiasts, college students, young professionals, but anyone seeking a simple and engaging way to place a friendly wager on anything and everything.”

The new funds will be used to increase head count in the growing company, and invest in further technical development, expanding its current iOS availability to Android platforms.