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July 27, 2022 Sports Betting, Finance

Underdog Series B round of funding raises $35m

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After input from BlackRock and Acies Investment, Underdog is now valued at $485m.

The fantasy sports company Underdog raised $35m during its Series B round of funding. The round included funds and accounts managed by BlackRock as well as Acies Investment.

After the latest round of funding the company is valued at $485m. Over the next year, Underdog plans to build new sports betting products and hire over a hundred new employees.

BlackRock and Acies Investment joined Mark Cuban, Kevin Durant, Trae Young, Odell Beckham Jr., Breon Corcoran and several other existing investors. 

Chris Grove from Acies Investments commented: "While the typical sportsbook is spending over $500 to acquire a customer, Underdog is bringing in new users for a fraction of that.

"Underdog's product is leading to competitive advantages as Underdog's customer acquisition and retention success is best in class." 

Underdog recently launched a $10m season-long NFL tournament, which makes it the largest season-long fantasy prize pool in history. 

Grove added: "Underdog's success is driven by the company's focus on building new, innovative games and delivering amazing customer experiences. As the company moves into licensed sports betting, I believe that the unique focus on product and experience will reshape the industry."

Underdog President and Chairman Jeremy Levine said: "Since the start of Underdog, we've believed that building quality products and putting customers first is a winning recipe. We're excited to continue to innovate and build new experiences from the ground up in fantasy, sports betting and adjacent spaces.

"Our players, and players of the future, are going to be delighted by the experiences they'll be able to enjoy exclusively on the Underdog platforms."

In May, the company announced the hiring of Stacie Stern as VP of Government Affairs & Partnerships. 

Stern brings over two decades of industry experience, including a considerable amount of time at FanDuel.

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