Fantasy Sports company Underdog Fantasy has confirmed a Series B fundraising round, with funds and accounts managed by BlackRock and Acies Investment.
The round totals a value of $35 million, with the company valued at a total of $485 million. Moving forward, the company intends to build licensed sports betting products and hire over 100 new employees.
Underdog has made significant customer acquisitions over the past two years and recently launched a $10 million NFL Best Ball tournament. Underdog President Jeremy Levine said, “From the beginning of Underdog we have believed that building quality products and putting customers first is a winning recipe.”
“We are excited to continue to innovate and build new experiences from the ground up in fantasy sports, sports betting and adjacent spaces. This funding round gives us ‘firepower’ to continue building our path.”
“We are thrilled that the funds and accounts managed by BlackRock are participating in our Series B round as we continue towards our vision,” added Levine.
BlackRock and Acies have joined existing investors including Mark Cuban, Kevin Durant and former Paddy Power Betfair CEO Breon Corcoran.
Chris Grove, co-founder of Acies, said, “Underdog’s product is delivering a number of competitive advantages as the company’s customer acquisition and retention success is best in class.”
“Underdog’s success is driven by the company’s focus on building new and innovative games and delivering amazing customer experiences. The brand has been working for licensed sports betting, I believe their unique focus on product and experience will reshape the industry. “.
Underdog Fantasy signed a sponsorship deal with Champion Gaming Group’s football statistics and analytics website Football Outsider in March 2022. Through the agreement, the company sponsors Football Outsider premium content, including prospectus analysis, columns editorials, podcasts and video content.
