CricHQ looking to raise US$10m

This is the third time the company has raised capital in its six year history. Photo / NZME

Cricket app business CricHQ is reportedly looking to raise US$10 million ($13.7m) from investors.

The National Business Review is reporting it obtained an investment pitch issued by the company that outlined its immediate goal to raise further funds, and put a pre-money valuation on CricHQ of US$77m ($105.2m).

This is the third time the company has raised capital in its six year history after initially raising $8m from private investors before raising a further US$10m last year in a round led by Singapore-based Tembusu Partners.

The Wellington-based company was founded by Simon Baker in 2010 and its shareholders include former Black Caps Captain Stephen Fleming.

CricHQ started as a cloud-based cricket scoring app, but has expanded into competition management, administration, scoreboard and statistics platform as well as data collection and predictive scoring.

Money from the last capital raise was used to help develop its smartphone apps and boost staff numbers.

The NBR reported the company was considering expanding into football with the money raised in the coming period used to develop relationships with broadcasters, a new fantasy league feature, payment processing and e-commerce abilities.

It would also allow users to overlay wagon-wheels and other stats onto video taken of amateur games.

The company is aiming is to offer more features than its other competitors, which includes CricInfo, now owned by US giant ESPN. CricHQ currently has more than 100 staff with around 30 in Wellington and most of the rest based in India.