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Total amount raised
$115M
Latest funding date
2025-03-26
Location
Underdog Fantasy has successfully raised funds through four distinct funding rounds, with the latest being a Series C round led by Spark Capital. The platform offers a variety of fantasy sports games, including Pick'em and esports projections, attracting a diverse range of investors.
What Is Underdog Fantasy?
Underdog Fantasy is an online daily fantasy sports platform based in Brooklyn, New York. The company operates in the eSports, Fantasy Sports, and Gaming industries, offering users the chance to participate in Pick'em games and esports projections.
Founded in 2020 by a team of industry veterans, Underdog Fantasy has grown to employ between 251–500 people. The platform is available in 40 states, Washington DC, and Canada, excluding Ontario, and emphasizes responsible gaming with robust support resources.
How Much Funding Has Underdog Fantasy Raised?
- Series C
- Amount Raised: USD 70,000,000 (first close; round expected to exceed USD 100,000,000)
- Date: March 26, 2025
- Lead Investors: Spark Capital (Will Reed, General Partner)
- Valuation at Round: USD 1,225,000,000 pre-money
- Motivation Behind the Round: To further invest in products for U.S. sports fans and hire top-tier talent, cementing Underdog's position as the fastest-growing sports gaming company in the U.S.
- Series B
- Amount Raised: USD 35,000,000
- Date: July 26, 2022
- Lead Investors: BlackRock, Acies Investment
- Valuation at Round: USD 485,000,000
- Motivation Behind the Round: To build innovative licensed sports betting products and hire over one hundred new employees.
- Series A
- Amount Raised: USD 10,000,000
- Date: May 3, 2021
- Lead Investors: Kevin Carter
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance customer acquisition and retention through innovative fantasy games, with participation from Mark Cuban, Kevin Durant (Thirty Five Ventures), The Chainsmokers (Mantis VC), HBSE Ventures, SV Angel, and many more.
- Seed
- Amount Raised: Not publicly disclosed
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch of new experiences in fantasy sports.
Total Amount Raised: At least USD 115,000,000 based on disclosed funding (multiple sources cite over USD 140,000,000 including undisclosed rounds).
Current Valuation: USD 1,225,000,000 (pre-money, as of March 2025 Series C)
Key Investors
- Spark Capital
- Details: Spark Capital is a multi-stage venture capital firm based in San Francisco. They led Underdog Fantasy's Series C round, with General Partner Will Reed representing the firm.
- Investment Focus Areas: Consumer, commerce, fintech, software, frontier, and media
- Notable Investments: Twitter, Slack, Oculus
- BlackRock
- Details: BlackRock is a global investment management corporation that co-led Underdog Fantasy's Series B round alongside Acies Investment, and also participated in the Series C.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Apple, Microsoft, Amazon
- Acies Investment
- Details: Acies Investment is an investment firm focused on the sports and entertainment sectors, co-leading the Series B alongside BlackRock. They have a strong presence in the sports betting industry.
- Investment Focus Areas: Sports, entertainment, sports betting
- Notable Investments: Various sports betting and entertainment companies
- Kevin Carter
- Details: Kevin Carter is an angel investor and advisor at SV Angel who led Underdog Fantasy's Series A round. He was also the first investor in CEO Jeremy Levine's previous company.
- Investment Focus Areas: Technology, innovative startups
- Notable Investments: Various early-stage technology startups
- Mark Cuban
- Details: Mark Cuban is an entrepreneur and investor, known for his role on the TV show \"Shark Tank\"and as former owner of the Dallas Mavericks. He has invested across multiple Underdog Fantasy rounds.
- Investment Focus Areas: Technology, sports, entertainment
- Notable Investments: Broadcast.com, Magnolia Pictures, various startups featured on \"Shark Tank\"
What's Next for Underdog Fantasy?
Underdog Fantasy is poised to capitalize on the burgeoning market for fantasy sports and sports betting. With a $485 million valuation and a recent $35 million Series B funding round, the company plans to develop innovative licensed sports betting products and expand its team significantly. This growth trajectory positions Underdog Fantasy to lead the industry in daily fantasy innovation and customer experiences.
Future fundraising opportunities appear promising, given the strong interest from high-profile investors. As the company continues to innovate and expand, additional funding rounds are likely to support further growth and market penetration. However, challenges such as increasing competition and regulatory hurdles in the sports betting industry may pose obstacles. Maintaining high customer acquisition and retention rates will be crucial for sustained success.
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