Underdog, a paid fantasy sports operator, raised $ 35.0 million ($ 29.0 million / $ 34.5 million) during a Series B funding round to support plans to expand into sports betting.
The round included funds and accounts managed by BlackRock and AC’s Investments, with a business value of $ 485 million.
Black Rock and Aces are billionaire entrepreneur Mark Cuban, professional basketball player Kevin Durant, American football star Odel Beckham Jr., and former CEO of Paddy Power Betfair Breon Corcoran. Join existing investors, including.
According to Underdog, the funding will go toward plans to begin developing a licensed sports betting product and will hire more than 100 new employees as part of a broader expansion plan.
“Since Underdog’s inception, we have believed that building quality products and putting our customers first is our winning recipe,” said Underdog President and Chairman Jeremy Levine.
“We are excited to continue to innovate and build new experiences from scratch in fantasy, sports betting, and adjacent spaces. This funding round gives us the firepower to keep building. Build what we do. “
Chris Grove, co-founder and general partner of Acies Investments, adds: Underdog’s successful customer acquisition and retention is best-in-class, giving Underdog a competitive advantage.
“Underdog’s success is driven by the company’s focus on building new and innovative games and delivering a great customer experience. As the company moves to licensed sports betting, it’s about products and experience. I believe that a unique focus will reshape the industry. “
Plans to move into the sports betting sector were first announced last year, with the underdog announced in September. Acquisition of Goat Gaming, a sportsbook technology platform..
Goat Gaming provides risk management technology to the Coingaming Group, a crypto gambling operator and its Sportsbet.io brand. In addition, it provides odds creation, account management and event management technologies.
