Established acquisition
Active channels, meaningful historical spend and evidence that more budget can be deployed without rebuilding the program.
Fund the next cohort.
Non-dilutive capital for proven customer acquisition. Built around customer value, cohort performance and measurable payback.
Your team keeps its ownership, campaigns and advertising accounts.
Use Capital on its own, or alongside Atlas.
Explore acquisition intelligenceWhy the gap exists.
Acquisition spend goes out first. Customer contribution comes back over months. Growing faster means carrying more of that gap at once.
Put the numbers to work.
Adjust the assumptions to compare a self-funded program with one financed alongside 23 Broadway. See how acquisition capacity and cash retained change.
An illustration, not an offer or forecast.
Operator-funded$750.00K23 Broadway financing$1.50MTotal acquisition capacity$2.25M
The same program.
A different capital base.
| Self-funded | With 23 Broadway | |
|---|---|---|
| Acquisition spend | $750.00K | $2.25M |
| Cohort cash generated | $3.75M | $11.25M |
| Financing repayment | None | $1.88M |
| Net operator cash | $3.00M | $8.63M |
The same cohort cash return is assumed in both cases. More acquisition spend carries risk; actual returns can change as a program scales.
- Acquisition spend
- Cohort cash generated
- Financing repayment
- Operator cash retained
How this illustration is calculated
Self-funded net operator cash equals cohort cash generated less the operator-funded acquisition spend.
Net operator cash with 23 Broadway equals cohort cash generated less the operator-funded acquisition spend and the illustrative financing repayment.
Incremental net operator cash is the difference between those outcomes.
What changes
Total acquisition capacity$2.25M
Additional acquisition spend+$1.50M
Incremental net operator cash+$5.63M
Under these assumptions, additional financing does not increase operator cash after illustrative repayment.
Illustrative only. This model is not an offer, indication of terms, forecast or guarantee. Actual financing structure, repayment, timing, underwriting and cohort performance vary by partnership.
What makes a program financeable.
The strongest fit is an operator that knows how customers are acquired, how they create value and how long that value takes to return.
Connected performance data
Campaign, customer, revenue, retention and cohort data that can be reviewed together.
Visible customer value
A clear relationship between acquisition cost and the contribution cash customers generate over time.
Repeatable payback
Cohorts that recover acquisition spend on a trackable timeline, with enough consistency to support underwriting.
Start with the data, agree the program and review each cohort as it develops.
See the process and underwritingDifferent markets. Shared fundamentals.
We work with digital businesses where acquisition is measurable, including categories that are regulated, platform-dependent, age-restricted or poorly served by traditional capital.
iGaming
Player acquisition across casino, sportsbook and related real-money gaming products.
Mobile games
Player acquisition built around retention, monetization, contribution and cohort payback.
Social casino and sweepstakes
Programs with observable player value and repeatable acquisition economics.
Prediction markets
Acquisition where activation, repeat participation and customer value can be measured.
Collectibles and pack opening
Platforms with trackable purchases, repeat activity and contribution economics.
Age-restricted digital
Lawful digital categories with measurable economics and additional platform constraints.
Choose what your capital funds.
Different capital sources are underwritten against different parts of a business.
- Equity
- Underwritten onOwnership in the company, funding acquisition and other growth.
- Traditional debt
- Underwritten onThe company, its cash flows and broader balance-sheet strength.
- Acquisition financing
- Underwritten onA defined acquisition program, its customer economics and expected payback.
Before we talk.
Every program is reviewed on its own economics, data and operating context.
What is user acquisition financing?
It provides capital for measurable customer acquisition. The financing decision is based on acquisition cost, customer value, cohort performance, payback and the operator’s capacity to deploy more spend productively.
Is the capital non-dilutive?
Yes. 23 Broadway’s user acquisition financing does not require an operator to sell equity. The operator keeps ownership and control of campaigns, creative, media buying and advertising accounts.
What data is needed?
The review generally requires historical acquisition spend, channel and campaign performance, customer or cohort revenue, retention or repeat behavior, and evidence of payback. The exact data depends on the business model and category.
Does 23 Broadway take over media buying?
No. Operators keep control of advertising accounts and execution. The partnership defines the acquisition activity being financed and the information needed to monitor it.
Which industries can be considered?
We consider measurable programs across iGaming, mobile games, social casino and sweepstakes, prediction markets, collectibles and pack-opening platforms, and other lawful regulated or age-restricted digital businesses.
Is every acquisition program financeable?
No. A program needs enough history, data quality, customer-value visibility and payback consistency to support underwriting. Early experiments without repeatable economics are generally harder to finance.
Read further.
Practical guides to financing structures, customer cohorts and payback.
Capital guide
User acquisition financing
How acquisition spend can be financed against measurable customer economics.
Capital guideCohort financing
How capital can be structured around defined customer cohorts and their expected payback.
GuideAcquisition payback
How to evaluate recovery timing, cohort performance and capital efficiency.
See whether financing fits your acquisition economics.
The first discussion covers channels, historical spend, cohort data, payback, capital requirements and capacity to scale.
Discuss Capital