Underdog surpasses $1.2bn valuation with Spark Capital funding
Spark Capital is currently leading Underdog’s Series C funding round with a $70m first close, expected to exceed $100m and tripling the operator’s Series B valuation from 2022.
Key Points
- The funding will primarily allow Underdog to further invest in its product portfolio across the US and continue finding new collaboration opportunities
- Spark Capital’s funding “underscores market confidence” in Underdog’s continued growth and potential, marking the sports gaming industry’s largest investment from a Silicon Valley venture firm
Representing the largest investment the sports gaming industry has witnessed from a Silicon Valley-based venture firm, Spark Capital is currently leading Underdog Fantasy’s Series C funding, helping push the operator’s pre-money valuation to $1.225bn.
Spark Capital’s investment was said to “underscore” the market’s confidence in Underdog’s continued growth and potential. As Underdog continues to expand, the funding will primarily allow the sports betting operator to further invest in its product portfolio across the US and work with “top-tier talent” on new content for the platform.
“Spark’s investment is a real accelerator. We’re going to continue to invest in people and product – and as fast as we can. There is so much more to build, and we’re going to keep building,” Underdog Founder and CEO Jeremy Levine said.
Underdog was founded by Levine in 2020 and currently offers daily fantasy sports (DFS) games and sports betting options along with original programming such as Gil’s Arena, hosted by former NBA All-Star Gilbert Arenas.
“This investment fits Spark’s philosophy of backing products we love from creators we admire,” Spark Capital General Partner Will Reed said.
Good to know: Underdog formed a new partnership with Juice Media on March 18 in the hopes of accelerating brand growth and customer acquisition through targeted media campaigns and performance optimization
“Underdog has proven they can win where it matters most: product. They’ve also shown they can attract top talent from gaming, tech and sports. Their unwavering focus on product and customer experience is why they’ve emerged as the most innovative player in sports gaming. We see massive opportunity ahead and are thrilled to be on the journey with them to make sports more fun.”
The first round of Underdog’s Series C funding closed with $70m in funding from Spark Capital, which is expected to exceed $100m and has now tripled the operator’s Series B valuation from 2022.
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