Sports betting and fantasy startup Betsperts Media & Technology Group has closed a $6m Series A founding round, welcoming a number of new investors.
The business comprises the Betsperts app, which connects users to tipsters through a social media interface, the Fantasy Life app – which was acquired in May this year – and live streams of media content.
It claims to have one of the largest betting and fantasy sports audiences worldwide, and expects to surpass one million downloads in the early weeks of the 2021 National Football League season.
Supporting this growth will be Series A leads HBSE Ventures and Verance Capital. HBSE is the venture capital arm of basketball franchise the Philadelphia 76ers, ice hockey’s New Jersey Devils and English Premier League club Crystal Palace, while Verance Capital has predominantly backed digital media businesses.
“HBSE Ventures is excited to support Betsperts in their next phase of growth, as they aim to become the social network for sports betting and fantasy sports,” HBSE Ventures partner Andy Roos commented.
“Sports bettors and fantasy players have no shortage of outlets, but we believe there is a strong need for a solution that cuts through the noise and provides access to the best content, whether user generated or from recognized experts,” he explained. “Betsperts will leverage this content to attract consumers across its complementary platforms and take advantage of the explosive growth the sector is experiencing.”
Previous backers of Betsperts, who invested in its June 2020 seed round, also participated in the Series A round.
These include Parlay Capital, which led the seed round, as well as Velo Partners and Bettor Capital founder and CEO David VanEgmond, who was appointed to its board of directors last year.
Betsperts chief executive Reid Rooney said the capital raised in the Series A round gave the business an opportunity to invest heavily in growing its user base, by spending on marketing, technology, content and strategic M&A opportunities.
“We want to be where the social conversation lives for fantasy sports and sports bettors as more states (and provinces) legalize sports gambling,” Rooney said.