Total amount raised
$67.3 Millions
Latest funding date
09/01/2021
Location
Title
Sleeper has successfully raised significant funding over multiple rounds, establishing itself as a prominent player in the fantasy sports industry. The platform offers a diverse range of fantasy sports, including football, basketball, esports, and daily fantasy sports.
Keep reading to explore the intricacies of Sleeper's fundraising journey and the investors backing this innovative platform.
What Is Sleeper?
Sleeper, founded in 2015, is a dynamic platform dedicated to fantasy sports, including football, basketball, esports, and daily fantasy sports. The company was established in San Francisco by co-founders Nan Wang, Ken Wang, and David Costabile.
With a mission to revolutionize the fantasy sports experience, Sleeper has grown significantly since its inception. The platform boasts a user-friendly interface and a variety of engaging features that cater to sports enthusiasts.
Currently, Sleeper employs a team of over 50 dedicated professionals who work tirelessly to enhance the platform and provide an unparalleled fantasy sports experience.
How Much Funding Has Sleeper Raised?
- Seed Funding Round
- Amount Raised: $2 million
- Lead Investors: Birchmere VC and Expa
- Motivation Behind the Round: To develop and expand the app, adding new features like season-long fantasy sports to enhance user engagement and experience.
- Series A Funding Round
- Amount Raised: $5.3 million
- Date: August 2019
- Lead Investors: General Catalyst
- Motivation Behind the Round: To grow the user base and enhance the platform's features to compete with established players like ESPN.
- Series B Funding Round
- Amount Raised: $20 million
- Date: May 12, 2020
- Lead Investors: Andreessen Horowitz (a16z)
- Motivation Behind the Round: To expand into esports, particularly League of Legends, and to bulk up on funding reserves amid the pandemic.
- Latest Funding Round
- Amount Raised: $40 million
- Date: September 16, 2021
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $400 million
- Motivation Behind the Round: To propel growth and expand the company's offerings, including adding Premier League, MLB, and UFC games.
Total Amount Raised: $67.3 million. Current Valuation: $400 million.
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz is a leading venture capital firm known for its investments in technology companies. The firm has a reputation for backing innovative startups and helping them scale.
- Investment Focus Areas: Technology, social platforms, innovative startups
- Notable Investments: Facebook, Airbnb, Slack, Coinbase
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. The firm aims to support founders with a long-term vision.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: Stripe, Snap, Airbnb, Warby Parker
- Birchmere Ventures
- Details: Birchmere Ventures is a venture capital firm that focuses on early-stage technology startups. The firm is known for its hands-on approach in helping startups grow.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: ModCloth, Niche, NoWait
- Klay Thompson
- Details: Klay Thompson is an NBA star who invested in Sleeper through the Thompson Family Foundation. He is known for his contributions both on and off the court.
- Investment Focus Areas: Sports-related ventures, technology, media
- Notable Investments: Specific notable investments are not mentioned.
- Kevin Durant
- Details: Kevin Durant is a professional basketball player and investor. He has a diverse investment portfolio and is known for his strategic investments in various sectors.
- Investment Focus Areas: Sports, technology, media
- Notable Investments: Postmates, Acorns, The Players' Tribune
What's Next for Sleeper?
As Sleeper looks to the future, the opportunities are vast. The platform's expansion into new sports leagues like the Premier League, MLB, and UFC presents a significant growth potential. With the fantasy sports market booming globally, these additions could substantially increase Sleeper's user base and revenue.
Future fundraising seems promising, given the recent successful rounds and high-profile investors. Additional funding could support further development and expansion, ensuring Sleeper remains competitive. However, challenges such as competition from established platforms and regulatory hurdles in different regions could pose obstacles. Maintaining user engagement will be crucial as the company navigates these challenges.
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