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Mobile lottery startup Jackpocket raises $16M led by Conductive Ventures

Jackpocket, a New York-based lottery ticket startup, said it raised $16 million in Series B financing led by venture capital firm Conductive Ventures, with additional backing by DCM Ventures and former NBA Commissioner David Stern.

Jackpocket officials said in a company press release that the firm has the first third-party mobile app that can be used to buy official state lottery tickets. The app allows users to access Powerball, Mega Millions and other lotteries. The funding will be used to expand the mobile service to new markets across the U.S.

The firm said existing investors, including BlueRun Ventures, Bullpen Capital, Digital Currency Group and Subversive Capital all participated in the round, bringing total money raised to $25 million.

Carey Lai, founding member and managing director of Conductive Ventures, cited Jackpocket's successful pilot program in New York and more recent expansion into in New Hampshire and Minnesota as reasons for investing in the firm according to the announcement.

A 20-year-old college student in Minnesota recently became the first person to win at least $1 million using a mobile lottery courier service, just one day after he downloaded the app, according to the announcement.