On March 26, 2026, global crypto lottery startup Megapot announced a $5 million funding round led by Dragonfly, with participation from Coinbase Ventures, Bankless Ventures, and the founders behind FanDuel, Betfair, and MyPrize. The company operates a blockchain-based online lottery platform that lets users in more than 150 countries buy daily jackpot tickets from their phones. Megapot provides a crypto-powered global lottery using stablecoins and Ethereum-based infrastructure to process ticket purchases and prize payouts.
Funding Overview
- Company: Megapot
- Round: Pre-Seed funding round
- Amount raised: 5 million U.S. dollars
- Announcement date: March 26, 2026
- Lead investor: Dragonfly
- Other participants: Coinbase Ventures, Bankless Ventures, founders behind FanDuel, Betfair, and MyPrize
About the Company
Megapot is a lottery technology startup that runs a global, crypto-powered online lottery where users can purchase tickets for daily jackpots using their phones. The platform allows people in over 150 countries to buy tickets for one dollar per daily draw, with jackpots that have already produced 19 winners, including at least one payout of about 200,000 U.S. dollars.
The company’s lottery runs on Base, a network built on Ethereum, and uses stablecoins, cryptocurrencies typically pegged to the U.S. dollar, to pay out users internationally. Megapot earns revenue by charging fees on tickets sold through its site and currently employs seven people. The service is not available in about 30 countries, including the United States, the United Kingdom, and France.
Investors
- Lead Investor: Dragonfly
- Other Institutional Investors: Coinbase Ventures, Bankless Ventures
- Individual Investors: Founders behind FanDuel, Betfair, and MyPrize
- Angel Investors: Josh Hannah, Nigel Eccles, Felix Anthony, Zach Bruch
Funding History
Patrick Lung founded Megapot in January 2024 after about eight years working at technology and crypto companies including Microsoft, Lyft, and Uniswap. The March 26, 2026 announcement covers a $5 million round. Megapot also raised an undisclosed amount in an Angel round on March 19, 2025, with participation from Mason Hall, as broader funding activity in the space continues with developments such as Eunice Secures $8M.
Market Context
Megapot operates in the online lottery and crypto gaming segment, competing primarily with traditional national and state lotteries. According to founder Patrick Lung, traditional lotteries are the company’s main competition, and Megapot is positioning its platform as an alternative that can offer larger jackpots and improved odds compared with incumbent lottery systems.
The company uses blockchain infrastructure and stablecoins to enable cross-border lottery participation and payouts, aiming to make global lotteries accessible via mobile devices. Megapot’s platform is built on permissionless protocols running on Base, meaning users and developers can access and interact with the system without centralized gatekeepers.
