Total amount raised
$45 Million
Latest funding date
7/1/2022
Location
Underdog Fantasy has successfully raised funds through four distinct funding rounds, with the latest being a Series C round led by Spark Capital. The platform offers a variety of fantasy sports games, including Pick'em and esports projections, attracting a diverse range of investors.
With 37 investors backing the company, Underdog Fantasy continues to grow and innovate in the fantasy sports industry. Keep reading to explore the intricacies of Underdog Fantasy's fundraising journey and the investors supporting this dynamic platform.
What Is Underdog Fantasy?
Underdog Fantasy is an online daily fantasy sports platform based in Brooklyn, New York. The company operates in the eSports, Fantasy Sports, and Gaming industries, offering users the chance to participate in Pick'em games and esports projections.
Founded by a team of industry veterans, Underdog Fantasy has grown to employ between 251-500 people. The platform is available in 40 states, Washington DC, and Canada, excluding Ontario, and emphasizes responsible gaming with robust support resources.
How Much Funding Has Underdog Fantasy Raised?
- Series C
- Amount Raised: USD 70,000,000
- Date: March 2025
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform, enhance technology, and increase user acquisition.
- Series B
- Amount Raised: USD 35,000,000
- Date: July 2022
- Lead Investors: BlackRock
- Valuation at Round: USD 485,000,000
- Motivation Behind the Round: To build innovative licensed sports betting products and hire over one hundred new employees.
- Series A
- Amount Raised: USD 10,000,000
- Date: May 2021
- Lead Investors: Kevin Carter
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance customer acquisition and retention through innovative games.
- Seed
- Amount Raised: Not publicly disclosed
- Date: October 2020
- Lead Investors: Mark Cuban
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch of new experiences in fantasy sports.
Total Amount Raised: USD 115,000,000
Current Valuation: USD 485,000,000
Key Investors
- Spark Capital
- Details: Spark Capital is a venture capital firm that invests in startups. They are known for their early-stage investments in technology and media companies.
- Investment Focus Areas: Technology startups, media, entertainment
- Notable Investments: Twitter, Slack, Oculus
- BlackRock
- Details: BlackRock is a global investment management corporation. They manage a wide range of investment funds and accounts.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Apple, Microsoft, Amazon
- Kevin Carter
- Details: Kevin Carter is an individual investor with a focus on innovative startups. He has a diverse investment portfolio.
- Investment Focus Areas: Technology, innovative startups
- Notable Investments: Various startups
- Mark Cuban
- Details: Mark Cuban is an entrepreneur and investor, known for his role on the TV show "Shark Tank". He is also the owner of the Dallas Mavericks.
- Investment Focus Areas: Technology, sports, entertainment
- Notable Investments: Broadcast.com, Magnolia Pictures, various startups featured on "Shark Tank"
- Acies Investment
- Details: Acies Investment is an investment firm focused on the sports and entertainment sectors. They have a strong presence in the sports betting industry.
- Investment Focus Areas: Sports, entertainment, sports betting
- Notable Investments: Various sports betting and entertainment companies
What's Next for Underdog Fantasy?
Underdog Fantasy is poised to capitalize on the burgeoning market for fantasy sports and sports betting. With a $485 million valuation and a recent $35 million Series B funding round, the company plans to develop innovative licensed sports betting products and expand its team significantly. This growth trajectory positions Underdog Fantasy to lead the industry in daily fantasy innovation and customer experiences.
Future fundraising opportunities appear promising, given the strong interest from high-profile investors. As the company continues to innovate and expand, additional funding rounds are likely to support further growth and market penetration. However, challenges such as increasing competition and regulatory hurdles in the sports betting industry may pose obstacles. Maintaining high customer acquisition and retention rates will be crucial for sustained success.
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