23 Broadway, a Bulgaria-based provider of non-dilutive User Acquisition Financing for gaming companies, has raised $3M in seed funding co-led by Betty and Will Ventures. The platform combines capital deployment, performance marketing execution, and proprietary Atlas AI for efficient scaling via revenue-share repayment without equity dilution. The capital will enhance Atlas AI, build retention models, and onboard growth-stage iGaming operators.
Non-Dilutive Funding Surges in Gaming
The raise follows closely on PvX Capital and Discerning Capital's $15M marketing financing to PowerPlay just one week prior in March 2026. Sharp Alpha Advisors launched a $150M fund for gaming UA in October 2025. 23 Broadway's full-stack model—capital plus a performance team that deployed $100M ad spend and proprietary LTV-predicting AI—fills a gap left by pure financiers.
Gaming UA Spend Hits $25B
Global gaming user acquisition spend reached $25B in 2025, fueled by AI-powered creatives and bidding amid rising costs. iGaming operators face surging customer acquisition expenses in regulated markets like Ontario, where traditional equity dilution or debt hampers scaling. Incumbent solutions often provide capital without execution expertise or predictive tech, leading to suboptimal ROAS.
Full-Stack UA Beats Pure Financing
23 Broadway deploys capital through its performance marketing team, which achieved 18% Ontario market share for Betty via $100M ad spend with 7-month paybacks. Atlas AI predicts LTV and optimizes bidding on Google Ads, Meta, and TikTok, maintaining ROAS at scale. This contrasts with PvX Partners' financing-only approach ($8.5M seed) or Tilting Point's $270M+-backed publishing-tied funds.
As CEO Jordan Tuch explained:
"23 Broadway is reimagining user acquisition financing by not only providing capital but deploying it through proprietary technology and performance marketing expertise."
Betty Spin-Out Validates Model
Betty, the iGaming operator from which 23 Broadway spun out its UA team, co-led the round alongside Will Ventures, with participation from 359 Capital, CEAS Investments, and Dave Bartman. This insider backing signals conviction in the revenue-share model's proof-of-concept, proven at Betty. The 35-person team operates from lower-cost Bulgaria, enhancing margins in a capital-intensive space.
iGaming Market Scales to $123B
The broader iGaming market stands at $121B in 2025, projected to reach $123B in 2026 with a 10.4% CAGR toward $212B by 2030. Non-dilutive UA financing gains traction as VC scarcity and rising CPI push operators toward performance-aligned capital. 23 Broadway targets growth-stage operators in competitive regulated markets, leveraging partners like AppsFlyer and Moloco.
Serial iGaming Founder Leads Charge
Founder and CEO Jordan Tuch co-founded Betty, scaling it to 18% Ontario share, and served as COO at QL Gaming Group ahead of its 2019 exit. Head of Product Simon Mastrodicasa drove $15M revenue from AI/ML ads at Unity. Execs hail from DraftKings and Delasport, blending iGaming ops, AdTech, and UA expertise.
Enhancing Atlas for Retention
With the seed, 23 Broadway plans to refine Atlas AI for better LTV accuracy, develop retention-focused models, and secure initial B2B clients among Google Ads-heavy gaming operators. Bulgaria-based operations enable cost-efficient scaling as UA spend booms.