Total amount raised
$100 Millions
Latest funding date
Location
Betr has successfully raised $35 million in a Series A2 round of financing, achieving a valuation of $375 million. The platform offers a unique approach to sports betting and daily fantasy sports, making it accessible and enjoyable for a wide range of users.
Keep reading to explore the intricacies of Betr's fundraising journey and the investors backing this innovative platform.
What Is Betr?
Betr, founded in 2022 by Jake Paul and Joey Levy, is a direct-to-consumer micro-betting app based in Miami, Florida. The platform offers users an engaging way to participate in sports betting and daily fantasy sports.
With a team of 101-250 employees, Betr focuses on providing instant gratification through its micro-betting features, making sports betting more accessible and enjoyable. The company also emphasizes responsible gaming, ensuring users can enjoy their experience within personal limits.
For more information about Betr, you can visit their official website or check out their Crunchbase profile.
How Much Funding Has Betr Raised?
- Series A
- Amount Raised: $30M
- Date: January 2022
- Lead Investors: Florida Funders
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the platform and establish a strong market presence.
- Series A
- Amount Raised: $20M
- Date: August 2022
- Lead Investors: Aliya Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enhance user experience.
- Series A
- Amount Raised: $35M
- Date: June 2023
- Lead Investors: Eberg Capital, Fuel Venture Capital, IA Sports Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Venture Round
- Amount Raised: $15M
- Date: March 2024
- Lead Investors: 10X Capital, Harmony Partners
- Valuation at Round: $375M
- Motivation Behind the Round: To expand market access and launch new products.
Total Amount Raised: $100M. Current Valuation: $375M.
Key Investors
- 10X Capital
- Details: 10X Capital is a venture capital firm that focuses on technology-driven companies and disruptive innovation. David Weisburd, Co-Founder and Head of Venture Capital, has highlighted Betr's significant market opportunities.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: DraftKings, 23andMe, Palantir, Robinhood, Udemy.
- Harmony Partners
- Details: Harmony Partners is a growth-stage venture capital firm that invests in technology companies. They co-led the recent $15 million funding round for Betr.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: Not publicly disclosed.
- Fuel Venture Capital
- Details: Fuel Venture Capital is an early-stage venture capital firm that invests in high-growth startups. Jeff Ransdell, founder and managing director, has expressed excitement about Betr's rapid growth.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Betr.
- Aliya Capital Partners
- Details: Aliya Capital Partners is a growth equity investment firm. They have been a significant investor in Betr since the early stages.
- Investment Focus Areas: Growth equity investments across various sectors.
- Notable Investments: Not publicly disclosed.
- Florida Funders
- Details: Florida Funders is a hybrid of a venture capital fund and an angel investor network. They were the first institutional investor in Betr.
- Investment Focus Areas: Early-stage startups, technology, innovation.
- Notable Investments: Betr.
What's Next for Betr?
Betr is poised for significant growth as it expands its market access for its Online Sportsbook product in states like Pennsylvania, Ohio, and Virginia. The upcoming launch of its Casino product and the monetization of Betr Media through premium franchises and social media content present substantial opportunities. With the sports betting industry expected to grow into tens of billions of dollars by the end of the decade, Betr's potential is immense.
Future fundraising rounds seem likely, given the company's successful $15 million equity financing at a $375 million valuation. These funds will support further expansion and product development. However, Betr will need to navigate regulatory approvals and compete with established players in the industry. Ensuring responsible gaming standards while scaling operations will also be crucial challenges.
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