We’d just like to say a massive congratulations to our friends Kotikan on their recent collaboration with FanDuel. In late July, FanDuel successfully raised an astonishing $275 million in a Series E funding round and decided to pursue an acquisition of Kotikan.
This is huge news for FanDuel who have now achieved ‘unicorn status’ as a company valued at over $1 billion. This means that FanDuel join a very elite club (alongside Skyscanner) as one of the few Scottish companies to reach a $1 billion valuation. One of the main reasons behind the investment is to enable FanDuel to continue their rapid expansion and having developed their Mobile App Development, Kotikan were a natural and logical fit in terms of an acquisition.
After starting out as a way to ‘game’ the news business, FanDuel, created in Edinburgh, pivoted to a fantasy games platform aimed at the U.S. Kotikan designed and developed the FanDuel mobile offering so “it was logical to bring the talented team in-house to further innovate and develop FanDuel’s mobile products,” said Nigel Eccles, FanDuel CEO and co-founder. FanDuel’s new employees will complement the existing teams in Edinburgh, Glasgow, New York, Orlando and L.A. The company is still seeking to increase headcount this year to join its 243 staff. Founded in 2007, Kotikan has grown to become Scotland’s largest mobile app development agency with a team of over 50 employees with a £2.4 million turnover.
So well done Kotikan and FanDuel, it’s great to see Scottish businesses taking on the world. On behalf of the whole Waracle team, we’d like to wish you all the best for the future!