
Total amount raised
$850 Thousands
Latest funding date

Location
PrizePicks has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform offers a unique daily fantasy sports experience, allowing users to make real-money over/under predictions on a wide variety of sports.
Keep reading to explore the intricacies of PrizePicks' fundraising journey and the investors backing this innovative platform.
What Is PrizePicks?
Founded in 2015, PrizePicks is headquartered in Atlanta, Georgia. The company was established by Adam Wexler and Jay Deuskar.
PrizePicks operates as a Daily Fantasy Sports (DFS) platform, allowing users to make real-money over/under predictions on a wide variety of sports. The platform is designed to let sports fans play against the numbers rather than each other.
With a workforce of 501-1000 employees, PrizePicks has grown to become a significant player in the DFS industry, partnering with major sports teams and expanding its reach across multiple states.
How Much Funding Has PrizePicks Raised?
- Funding Round: Venture Round
- Amount Raised: $850,000
- Date: July 2020
- Lead Investors: Parlay Capital Holdings, Phoenix Capital Ventures (PCV)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The bridge capital raise was prompted by the dearth of sports during the height of the coronavirus pandemic.
- Funding Round: Venture Round
- Amount Raised: Not publicly disclosed
- Date: December 2021
- Lead Investors: Phoenix Capital Ventures (PCV)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand partnerships and product offerings.
- Funding Round: Corporate Round
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Atlanta United
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and expansion plans.
Total Amount Raised: $850,000
Current Valuation: Not publicly disclosed
Key Investors
- Atlanta United
- Details: Atlanta United is a professional soccer club based in Atlanta, Georgia. The team competes in Major League Soccer (MLS) and has a strong fan base.
- Investment Focus Areas: Sports, entertainment, community engagement.
- Notable Investments: Not publicly disclosed.
- Tracy McGrady
- Details: Tracy McGrady is a former professional basketball player known for his time in the NBA. He has transitioned into a business investor post-retirement.
- Investment Focus Areas: Sports, entertainment, media.
- Notable Investments: Not publicly disclosed.
- Parlay Capital Holdings
- Details: Parlay Capital Holdings is an investment firm that led the $850,000 funding round for PrizePicks. They focus on strategic investments in the sports betting industry.
- Investment Focus Areas: Sports betting, technology, media.
- Notable Investments: Betsperts.
- Phil Hellmuth
- Details: Phil Hellmuth is a professional poker player with 15 World Series of Poker (WSOP) bracelets. He is also an active angel investor in various ventures.
- Investment Focus Areas: Betting, sports, technology.
- Notable Investments: YouStake, BlitzPredict, Muzik Headphones.
- AMJ Ventures
- Details: AMJ Ventures is a family venture fund specializing in early-stage consumer and consumer technology companies. They participated in the funding round alongside Parlay Capital and Phil Hellmuth.
- Investment Focus Areas: Consumer technology, early-stage startups, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for PrizePicks?
PrizePicks is poised to capitalize on the growing interest in daily fantasy sports, especially with its unique over/under betting model. The company is expanding its offerings to include esports, NASCAR, and the PGA Tour, tapping into diverse sports markets. This expansion presents a significant opportunity for growth, potentially attracting a broader user base and increasing revenue streams.
With the recent $850,000 funding round, PrizePicks is well-positioned for future fundraising opportunities. The involvement of high-profile investors like Phil Hellmuth could attract additional investment, further fueling the company's growth. However, challenges such as competition from established players like DraftKings and FanDuel, and the impact of the COVID-19 pandemic on sports events, remain hurdles that PrizePicks must navigate.
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