Social sports betting app Wagr raises $12m in Series A funding
Investors included owners of the New England Patriots and Philadelphia 76ers.
Wagr has announced its public launch amid the completion of a $12m Series A funding. The Nashville-based startup is initially available in Tennessee following a private beta release that began last month.
The round included investments from The Kraft Group and HBSE Ventures. The Kraft Group is operated by New England Patriots Owner Robert Kraft. HBSE Ventures is the venture arm for owners of the Philadelphia 76ers and New Jersey Devils.
Among those who joined HBSE Ventures and The Kraft Group in the funding round were BITKRAFT Ventures, Greycroft, Pear Ventures and Alexis Ohanian’s Seven Seven Six. Greycroft and Seven Seven Six had led the $4m seed round that closed in December 2020.
Wagr is a sports betting app with social chat features. The app is designed to be social with leaderboards and other community posts and generates revenue through a 5% transaction fee.
Wagr’s mission is to present an accessible interface for all levels of bettors, who can use the app to challenge others on bets.
The Wagr app is currently available for iOS devices. The company plans on launching an app for Android devices in the coming weeks. Wagr hopes to obtain licenses in five more states by the end of the year.
Its Co-Founders are CEO Mario Malavé and CPO Eliana Eskinazi, who met while studying at Harvard Business School.
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