ZenSports closes funding round, nets $2.4m
New look sports betting operator will use cash to complete license applications in Nevada, Tennessee.
Sports betting operator ZenSports on Tuesday said it closed a new Series A funding round that raised $2.4m.
The company has a mobile sports betting app that offers both a traditional book and a peer-to-peer sports betting platform that uses fiat or cryptocurrencies.
According to company officials, investors in this round included Gaingels, MicroVentures, Calm Ventures, Twenty Five Ventures and Allied Ventures Partners.
Other individual angel investors also participated, ZenSports said.
The company is applying for gaming licenses in Nevada and Tennessee, and will tap the newly raised funds to complete the process.
ZenSports recently signed a partnership deal with Boulter Developments to set up a future expansion into Colorado.
In mid-2020, ZenSports signed a deal with Strategic Gaming Management to gain the option to purchase the Big Wheel Casino in Lovelock, Nevada. ZenSports said this will give the company access to operate its mobile sports betting app anywhere in the Silver State once its license application is approved.
Mark Thomas, CEO and co-founder of ZenSports, said the application process in Nevada is going well, saying he expects gaming license approval in July or August. He also said he’s excited about the opportunities in Tennessee and Colorado.
“As a startup, competing with large, well-funded competitors is never easy,” Thomas said in a statement. “But based on our international traction and product-market fit over the past two years, we believe ZenSports offers sports betting customers the most choices in how they bet.”
Lorenzo Thione, MD for Gaingels, said the company is also excited to invest in ZenSports.
“Mark and his team have built a cutting-edge sports betting and gaming platform that is poised to grow and scale worldwide,” he said. “ZenSports’ commitment to diversity within the LGBTQ and other minority communities is core to Gaingels’ mission and we could not be more thrilled to help the company on its journey.”
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