The New York-based paid fantasy sports company, Underdog, has closed a Series B funding round bringing in new capital of $35 million.
The round saw large capital coming in from funds and accounts managed by BlackRock and Acies Investment and gave the the company a whopping $485 million valuation.
With the funds, Underdog plans to develop “innovative” licensed sports betting products and strengthen its workforce by more than 100 new employees to realize its ambitions.
Existing backers and early investors of the Fantasy Sports project include an A-list of celebrities such as Mark Cuban, Kevin Durant, Trae Young, Odell Beckham Jr.,Mitch Garber, Eilers & Krejcik, Liontree Partners, Kevin Carter, Mark Pincus (founder of Zynga), SV Angel, The Chainsmokers, Kygo, Steve Aoki, Nas, Future, and others.
BREAKING
Underdog has raised $35,000,000 in Series B funding led by BlackRock
Underdog is now valued at $485,000,000 pic.twitter.com/m0XOyaPErA
— Underdog Fantasy (@UnderdogFantasy) July 26, 2022
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“Since the start of Underdog we’ve believed that building quality products and putting customers first is a winning recipe,” Jeremy Levine, President and Chairman of Underdog, said. “We’re excited to continue to innovate and build new experiences from the ground up in fantasy, sports betting, and adjacent spaces.”
Levine added:
“This funding round gives us the fire power to continue to build, and build we will. We’re thrilled that funds and accounts managed by BlackRock are participating in our Series B as we continue towards our vision. Our players, and players of the future, are going to be delighted by the experiences they’ll be able to enjoy exclusively on the Underdog platforms.”
Chris Grove from Acies Investments, said:
“While the typical sportsbook is spending over $500 to acquire a customer, Underdog is bringing in new users for a fraction of that. Underdog’s product is leading to competitive advantages as Underdog’s customer acquisition and retention success is best in class. Underdog’s success is driven by the company’s focus on building new, innovative games and delivering amazing customer experiences. As the company moves into licensed sports betting, I believe that the unique focus on product and experience will reshape the industry.”
In a little over two years since start of operations, Underdog has rapidly gained a massive user base, most recently launching the $10 million seasonal NFL Best Ball tournament, which the company claims is the largest fantasy prize pool ever.
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Source: Igaming
