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Betr Holdings Inc. announced a $35 million Series A2 round of financing, valuing the company at $300 million.
The company is behind a fledgling online sportsbook that is trying to wrest market share away from juggernauts like FanDuel and DraftKings.
The latest investment round is co-led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital, with Fuel expanding their investment size in Betr from $10 million invested to date to $20 million total.
Both co-founders, Joey Levy via a personal investment and Jake Paul via Anti Fund, participated in the round, and other major existing investors, including FinSight Ventures, Florida Funders, and Aliya Capital Partners, have invested significantly beyond their pro rata, according to the announcement.
Betr’s gaming division, Betr Gaming, is an online sports betting business “focused on a unique product experience with a simplified UI/UX that is catered to the casual sports fan, enabling Betr to capture more of the underpenetrated online gaming addressable market.”
Betr Gaming began with a micro-betting-only product.
Betr Gaming is licensed and operational in Ohio and Massachusetts, is licensed in Virginia with plans to launch soon, and holds market access in Indiana. Sports betting is legal in more than 30 states.
In addition to online sports gambling, Betr Gaming is planning an entry into the online casino gambling market, available in just a handful of states.
The company recently acquired the Chameleon platform from FansUnite, which will power its online sports betting product.
“I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media while validating some of our core theses,” said Joey Levy, Founder and CEO of Betr. “Our ability to rapidly scale Betr Media’s audience and then convert this audience to Betr Gaming at low-to-no-CAC, will enable us to have the best unit economics in the regulated real money gaming industry, positioning Betr to create more value than incumbent operators over time.”
“I’m thrilled this round has served as a platform to deepen the company’s relationship with Roger Ehrenberg, one of the most successful venture investors of the past two decades who is investing over 10x his pro rata in this round, and Fuel Venture Capital, one of the preeminent Miami-based venture capital firms, who is doubling their investment in the company from $10M invested to date to $20M total after this round.”
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