VC fundraising for ViceTech companies
ViceTech fundraising runs into LP restrictions before it reaches partner-level conviction. Most generalist funds are constrained from these categories at the LPA level, leaving active capital concentrated in specialist ViceTech funds, family offices comfortable with the regulatory profile, PE platforms and strategic operators. Cannabis ancillary tech, regulated adult content, alcohol e-commerce and software serving these industries draw most of the activity.
The investor base is structurally narrow: cannabis-focused funds, specialist ViceTech and restricted-category investors, family offices set up to hold these assets, PE platforms with category infrastructure and the corporate venture arms of strategic operators already inside cannabis, alcohol or adult content. Generalist consumer funds usually cannot participate even if partners are interested. Flow has direct relationships across the specialist funds, family offices and strategic arms that actually clear committee.
Flow has experience running VC fundraising processes for ViceTech companies across cannabis technology and marketplaces, adult content platforms, alcohol and tobacco e-commerce, regulated gambling-adjacent media and other restricted-category consumer businesses. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"ViceTech" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Active customers
Net revenue
Repeat purchase rate
Average order value
CAC
Payback period
Cohort retention
Payment processor cost
Compliance & age-verification cost
Revenue by jurisdiction
Gross margin
Contribution margin
ViceTech valuations in May 2026
Public ViceTech comps trade at 1.6x EV/Revenue. Median revenue multiple across ViceTech VC rounds was 2.3x in the last 12 months.
1.6x
Median EV/Revenue as of May 2026 for public ViceTech companies
7.2x
Altria Group is the highest valued public ViceTech company based on EV/Revenue (excluding outliers)
2.0x
Median EV/Revenue across ViceTech M&A deals in the last 12 months
2.3x
Median EV/Revenue across ViceTech VC rounds in the last 12 months
Key recent ViceTech VC rounds
$600M Strategic investment raised by Polymarket was the largest ViceTech VC round completed in the last six months.
See all ViceTech VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Polymarket |  | Polymarket is a New York-based prediction market on the Polygon network using USDC stablecoin. Users trade shares on events like U.S. elections, Oscars, and sports outcomes with settlement via Chainlink oracles. The platform processed over $1 billion in volume during the 2024 election cycle, attracting traders from 150 countries through Ethereum wallets. | ice | $600M | - | Strategic investment | |
Feb-26 | Novig | | Novig is a commission-free sports betting exchange platform enabling high-frequency trading for US bettors. Launched in 2022 and headquartered in New York, it matches users directly to offer better odds than traditional sportsbooks. The platform supports markets in NFL, NBA, MLB, and college sports, with features like automated hedging and real-time liquidity. Novig has secured partnerships with professional bettors and operates under state gaming regulations in Colorado and Indiana. | Edge EquityForerunner+5 | $75M | $500M | Series B | |
Jan-26 | Midnite |  | Midnite is a London-based iGaming platform delivering sports betting, casino games, and esports wagering focused on titles like League of Legends, Valorant, and CS:GO. The in-house sportsbook covers football, NBA, and horse racing with live streaming and cash-out features alongside slots from NetEnt and Evolution live dealers. Midnite targets UK and international markets with mobile-first experiences. | BigBets.vcDiscerning Capital+3 | $35M | - | Series C | |
Mar-26 | Santexpat.fr |  | Santexpat.fr is a Paris-based digital platform founded in 2020 that provides health insurance for French expatriates in over 200 countries. Users compare more than 100 international policies and subscribe online, accessing 24/7 teleconsultations with French-speaking physicians. The service caters to global mobility needs with coverage for medical expenses, repatriation, and family plans tailored to expat lifestyles. | Malakoff Humanis | $31M | - | Series B | |
Jan-26 | Z League | | Z League is a skill-based gaming tournament platform open to players of all levels. Headquartered in San Francisco, it hosts daily competitions with cash prizes across mobile titles like PUBG Mobile and Call of Duty, attracting millions of participants. zleague.gg expands into Web3 integrations and community events. | - | $21M | - | Undisclosed stage | |
Jan-26 | BetHog | | BetHog is a cryptocurrency-powered online sportsbook accepting bets on sports events with Bitcoin and other digital assets. The platform operates from Curacao, providing odds on soccer, basketball, esports, and casino games with instant payouts. | - | $10M | - | Undisclosed stage | |
Apr-26 | BetHog | | BetHog is a cryptocurrency-powered online sportsbook accepting bets on sports events with Bitcoin and other digital assets. The platform operates from Curacao, providing odds on soccer, basketball, esports, and casino games with instant payouts. | 6th Man VenturesAdvancit Capital+4 | $10M | - | Series A | |
Feb-26 | Santé | | Santé is a software provider offering liquor stores tailored inventory management, e-commerce capabilities, and specialized industry tools. | Bonfire VenturesIan Crosby+5 | $7.6M | - | Seed | |
Jan-26 | Octarine Bio |  | Octarine Bio is a synthetic biology company located in South San Francisco, California, engineering microbes to produce pharmaceutical-grade cannabinoids including CBD, CBG, and novel analogs. Its platform yields high-purity compounds at scale for drug development targeting epilepsy, pain management, and inflammation. Founded in 2020, Octarine Bio partners with contract manufacturers to supply GMP-compliant materials, advancing preclinical candidates through fermentation-based biosynthesis superior to plant extraction methods. | DSM VenturingEdaphon+5 | $5.9M | - | Series A | |
Dec-25 | Outlier | | Outlier is a sports betting platform enabling users to analyze stats, trends, line movements, and odds comparisons across FanDuel, DraftKings, BetMGM, and Caesars. New York-based, it allows one-click bet execution, catering to casual and data-focused bettors on major US leagues. | Discerning Capital | $5.7M | - | Series A | |
Mar-26 | EDGE Markets | | EDGE Markets is a platform developing tools for responsible sports betting including session timers, spend trackers, and self-exclusion features to promote safer gambling within legal US markets. The suite integrates with sportsbook APIs for real-time risk monitoring and player education modules. Founded in 2022 from Las Vegas, EDGE Markets collaborates with operators like DraftKings on compliance standards. | - | $5.3M | - | Undisclosed stage | |
Feb-26 | Curio Wellness | | Curio Wellness is a Maryland-based healthcare provider founded in 2014 offering natural treatments through safe and effective therapeutic products. Headquartered in Lutherville Timonium, it focuses on medical cannabis accessibility. | - | $5.3M | - | Undisclosed stage | |
Dec-25 | Slips | | Slips is a Los Angeles-based peer-to-peer betting platform launched in 2021. Users wager against each other in formats including heads-up matches, pools, tourlays, and AI-generated prediction markets. The platform emphasizes social features for real-time competition across sports and events without house edges. | Andrew SchwartzbergLas Olas Venture Capital+1 | $4.1M | - | Seed | |
Jan-26 | Nabis | | Nabis is a San Francisco-headquartered licensed cannabis wholesaler serving California retailers. It operates a technology platform managing inventory, ordering, logistics, payments, and analytics for over 1,000 brands and 2,500 dispensaries. Nabis handles daily deliveries across the state using a fleet of temperature-controlled vehicles and provides financing options through its Nabis Capital division. | Humble Cannabis Solutions | $4.0M | - | Strategic investment | |
Dec-25 | Space | Space is a Solana-based leveraged prediction market platform that incentivizes accurate forecasting through competitive mechanisms and efficient capital allocation on blockchain. | Arctic DigitalEcho+2 | $3.0M | - | Seed |
VC investors active in ViceTech
Eberg Capital is the most active VC investor across ViceTech, having invested in 6 startups in the last three years.
See all ViceTech VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Eberg Capital | | Eberg Capital is an Austin-based venture capital firm targeting seed and Series A investments in B2B SaaS companies. Its portfolio encompasses RunPod for GPU cloud rentals, AgentSync for insurance data management, Skyfire for payments infrastructure, Grow Therapy for mental health access, and Mercury Technologies for government contracting software. The firm applies a family-operated model to source deals, conduct diligence, and support founders in vertical markets such as fintech, healthcare, and government tech. Eberg Capital maintains a hands-on approach to portfolio growth through board seats and operational guidance. | Kero SportsALT Sports DataPro League Network+1 | 6 | Seed | |
Coinbase Ventures | | Coinbase Ventures is a San Francisco-based investment arm of Coinbase founded in 2018. The firm targets seed-stage startups in cryptocurrency and blockchain sectors, providing capital to early ventures developing protocols, infrastructure, and applications within the digital asset ecosystem. | PREDLimitless LabsBilly Bets+2 | 5 | Seed | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | SantéNovigStrike+2 | 5 | Pre-seed | |
Andreesen Horowitz | | Andreesen Horowitz operates A16Z Games Speedrun, an early-stage accelerator for startups blending technology and gaming. Menlo Park-headquartered, the program targets developers innovating in cloud gaming, AI-driven experiences, blockchain integration, and interactive entertainment platforms. Speedrun provides $1 million in funding, studio resources, and partnerships with Epic Games and Unity, accelerating prototypes to market for founders reshaping the $200 billion gaming industry. | AxisCoverdLinq.gg+2 | 5 | Pre-seed | |
Discerning Capital | | Discerning Capital is a venture firm investing in gaming, sports betting, esports, and interactive media startups. It backs early-stage companies at the convergence of gambling technology and entertainment, with portfolio firms operating in the U.S. and Europe. | MidniteOutlierPicklebet | 4 | Series A | |
Bullpen Capital | | Bullpen Capital is a San Francisco-headquartered micro-VC fund investing post-seed checks of $250,000 to $1 million in early-stage B2B software companies overlooked by mainstream investors. Launched in 2010, its portfolio spans 60 companies including Skytap for cloud infrastructure and Waitlist Me for restaurant management. | BetHogEDGE MarketsPredictionStrike+1 | 4 | Seed | |
FasterCapital |  | FasterCapital is an online incubator and accelerator connecting startups worldwide with angel investors, VCs, and micro-VCs through equity-for-services models in technical development and business growth. The platform offers mentorship, pitch deck reviews, and funding matchmaking for over 10,000 entrepreneurs annually. FasterCapital facilitates deals in sectors like fintech, healthtech, and edtech from its global network. | BetEXWincrediblesAABDE Cannabis Processors Exporters and Importers+2 | 4 | Seed | |
Gaingels | | Gaingels is a venture syndicate investing in LGBT+ founded companies at all growth stages with a portfolio exceeding 130 firms. San Francisco-headquartered, the group has deployed $70 million in capital and supports diversity hiring for C-suite roles. Gaingels syndicates deals through its 2,000-member network across technology, fintech, and consumer sectors. | NovigCoverdPredictionStrike+2 | 3 | Series A | |
Collider |  | Collider is a Los Angeles-based digital media outlet covering entertainment news and analysis. Launched in July 2005, it publishes daily articles, reviews, interviews, and podcasts on film, television, and streaming content. Owned by Valnet Inc. since 2017, Collider reaches audiences via its website and social channels with two million followers on platforms like YouTube and Instagram. Coverage spans Hollywood releases, awards seasons, and genre franchises including Marvel and Star Wars. | Limitless LabsTaproot WizardsFhenix+1 | 3 | Seed | |
Delta Emerald Ventures | | Delta Emerald Ventures is a founder-focused investment firm that employs data-driven approaches to support early-stage companies. The firm provides strategic guidance and network access to accelerate portfolio growth in technology sectors. | Uncle Arnie'sFernwayHappy Cabbage Analytics | 3 | Series A |
Founders and investors we've worked with
We've supported winning builders across ViceTech and beyond.
Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Krita
We advised Swiss investor Elysian Fields on its growth investment into Krita, the leading factoring platform in the Icelandic market.
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