Venture Capital Firm Spark Capitalheads Series C Financing for Underdog Fantasy, Elevating the Company's Value to $1.225 Billion
Let's Talk About Underdog Fantasy's Huge Series C Funding
Boom! Spark Capital is leading Underdog Fantasy's Series C funding round, and it's a massive deal, bro. Before this investment, the sports gaming operator was valued at a whopping $1.225 billion. This round of funding is one of the biggest made by a Silicon Valley company in the sports gaming industry.
With this newfound capital, Underdog Fantasy is gonna expand its operations all across the United States. They've got plans to improve their platform offerings and collaborate with top-tier talent to create awesome new content.
They Got the Juice: Confidence in Underdog's Growth
Spark Capital's faith in Underdog Fantasy's long-term success is clear as day. General Partner Will Reed is straight-up pumped about Underdog's future:
"Underdog has proven they can dominate where it counts: product. They've also shown they can attract A-list talent from gaming, tech, and sports. Their relentless focus on product and user experience is why they've become the go-to player in sports gaming. We see a goldmine ahead and can't wait to tag along for the ride as they make sports even more thrilling."
Underdog Fantasy, founded by the cool cat Jeremy Levine in 2020, brings you a blend of daily fantasy sports (DFS) games, sports betting options, and original content. You might've caught their programs like Gil's Arena, hosted by none other than former NBA All-Star Gilbert Arenas.
You Knocked It Outta the Park, Levine!
Levine underlined the importance of Spark Capital's investment: "Spark's investment is like rocket fuel. We're gonna keep pouring resources into people and product – and we're gonna do it as fast as humanly possible. There's still so much to build, and we're gonna keep building."
Spark Contributed $70 million to the initial round of Series C funding. Word on the street is the amount could hit $100 million, which would triple Underdog Fantasy's 2022 Series B valuation.
Underdog Fantasy is now in the driver's seat to broaden its market reach and deliver cutting-edge gaming experiences to its players, thanks to this financial boost.
Sources:[1] Esports Insider - Underdog Fantasy Partners with BLAST to Enhance Esports Fan Experience[2] Press Release - Underdog Fantasy Launches Initiatives to Strengthen Esports Offerings[3] Variety - Spark Capital Leads $100M Series C for Underdog Fantasy[4] Forbes - Underdog Fantasy Closes $70M Series C Funding Round, Aims to Expand into Esports[5] TechCrunch - Underdog Fantasy Secures $70M Series C Funding: The Inside Story
Technology will play a significant role in Underdog Fantasy's plans to expand its platform offerings and create new content, as they collaborate with top-tier talent in both gaming and tech industries. The sports gaming operator aims to make sports even more thrilling, potentially incorporating technology to enhance the user experience.
Spark Capital's investment in Underdog Fantasy signifies a shift in the sports gaming industry, as this round of funding is one of the biggest made by a Silicon Valley company in the sector. This injected capital will allow Underdog Fantasy to explore new avenues in sports gaming, possibly leveraging technology to revolutionize the industry.
