Betr Holdings Inc. introduced a $35 million Series A2 spherical of financing, valuing the corporate at $300 million.
The firm is behind a fledgling on-line sportsbook that’s attempting to wrest market share away from juggernauts like FanDuel and DraftKings.
The newest funding spherical is co-led by Roger Ehrenberg by way of IA Sports Ventures and Eberg Capital, and Fuel Venture Capital, with Fuel increasing their funding dimension in Betr from $10 million invested up to now to $20 million complete.
Both co-founders, Joey Levy by way of a private funding and Jake Paul by way of Anti Fund, participated within the spherical, and different main current buyers, together with FinSight Ventures, Florida Funders, and Aliya Capital Partners, have invested considerably past their professional rata, in keeping with the announcement.
Betr’s gaming division, Betr Gaming, is a web based sports activities betting enterprise “focused on a unique product experience with a simplified UI/UX that is catered to the casual sports fan, enabling Betr to capture more of the underpenetrated online gaming addressable market.”
Betr Gaming started with a micro-betting-only product.
Betr Gaming is licensed and operational in Ohio and Massachusetts, is licensed in Virginia with plans to launch quickly, and holds market entry in Indiana. Sports betting is authorized in additional than 30 states.
In addition to on-line sports activities playing, Betr Gaming is planning an entry into the web on line casino playing market, accessible in only a handful of states.
The firm just lately acquired the Chameleon platform from FansUnite, which can energy its on-line sports activities betting product.
“I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media while validating some of our core theses,” mentioned Joey Levy, Founder and CEO of Betr. “Our ability to rapidly scale Betr Media’s audience and then convert this audience to Betr Gaming at low-to-no-CAC, will enable us to have the best unit economics in the regulated real money gaming industry, positioning Betr to create more value than incumbent operators over time.”
“I’m thrilled this round has served as a platform to deepen the company’s relationship with Roger Ehrenberg, one of the most successful venture investors of the past two decades who is investing over 10x his pro rata in this round, and Fuel Venture Capital, one of the preeminent Miami-based venture capital firms, who is doubling their investment in the company from $10M invested to date to $20M total after this round.”