Total amount raised
$45 Millions
Latest funding date
Location
Underdog Fantasy has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers a unique experience for drafting football lineups in fantasy leagues.
Keep reading to explore the intricacies of Underdog Fantasy's fundraising journey and the investors backing this innovative platform.
What Is Underdog Fantasy?
Underdog Fantasy, founded on March 1, 2020, is headquartered in Brooklyn, New York. The platform specializes in creating sports games focused on drafting football lineups for fantasy leagues.
Founded by Brandon Stakenborg, Jeremy Levine, and Trevor John, Underdog Fantasy offers a unique way for users to compete and earn rewards through its fantasy football application.
With a team of 101-250 employees, the company continues to grow and innovate in the fantasy sports industry.
How Much Funding Has Underdog Fantasy Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2020
- Lead Investors: Mark Cuban
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop the initial product offering.
- Series A
- Amount Raised: $10M
- Date: May 2021
- Lead Investors: Kevin Carter
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance the platform's features.
- Series B
- Amount Raised: $35M
- Date: July 2022
- Lead Investors: BlackRock
- Valuation at Round: $485M
- Motivation Behind the Round: To develop innovative licensed sports betting products and hire over 100 new employees.
Total Amount Raised: $45M. Current Valuation: $485M.
Key Investors
- BlackRock
- Details: BlackRock is a global investment management corporation based in New York City. It is one of the world's largest asset managers, with trillions of dollars in assets under management.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Apple, Microsoft, Alphabet.
- Mark Cuban
- Details: Mark Cuban is an entrepreneur and the owner of the Dallas Mavericks. He is also known for his role as a "shark" investor on the television show "Shark Tank."
- Investment Focus Areas: Technology, sports, entertainment.
- Notable Investments: Magnolia Pictures, AXS TV, Shark Tank startups.
- Kevin Carter
- Details: Kevin Carter is an investor with a focus on early-stage technology companies. He has been involved in numerous successful ventures over the years.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Not publicly disclosed.
- Kevin Durant
- Details: Kevin Durant is a professional basketball player and entrepreneur. He has made several high-profile investments in the technology sector.
- Investment Focus Areas: Technology, sports, media.
- Notable Investments: Postmates, Acorns, Coinbase.
- Breon Corcoran
- Details: Breon Corcoran is the former CEO of Paddy Power Betfair, now known as Flutter Entertainment. He has extensive experience in the gaming and betting industry.
- Investment Focus Areas: Gaming, betting, technology.
- Notable Investments: Not publicly disclosed.
What's Next for Underdog Fantasy?
Underdog Fantasy is poised to capitalize on the burgeoning sports betting market by developing innovative licensed products and expanding its team. With a $485 million valuation, the company is well-positioned to lead the industry in daily fantasy innovation and large-scale tournaments.
Future fundraising opportunities seem promising, given the interest from high-profile investors like BlackRock and Acies Investment. However, the company will need to navigate regulatory challenges and intense competition to maintain its growth trajectory. Ensuring continuous innovation and efficient customer acquisition will be crucial for sustaining its market leadership.
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