Sports betting company Betr announced a new funding round Tuesday to continue its push in the sector. Here’s a look at who the investors in the funding round are and what’s next for the company.
New Funding For Betr: Betr Holdings announced a new $35 million fundraising round at a $300 million pre-money valuation. The new funding round comes after Betr was recently named an award recipient at the inaugural Benzinga Titans Sports Betting event.
The new funding round is led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital and Fuel Venture Capital. Fuel Venture increased its investment in the company, which totals $20 million to date.
Betr co-founders Joey Levy and Jake Paul also invested in the company in the new round via a personal investment and the Anti Fund, respectively.
Existing investors FinSight Ventures, Florida Funders and Aliya Capital Partners also invested in the round.
“I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundation for Betr Gaming and Betr Media while validating some of our core theses,” Betr CEO Levy said.
Levy calls Ehrenberg “one of the most successful venture investors of the past two decades.” Ehrenberg is investing “over 10x his pro rata” in the new funding round.
Fuel Venture Capital is doubling its investment in the company.
“I am grateful for the continued support of Roger, Fuel Venture Capital, and many of our other great investors,” Levy said.
Ehrenberg praised the company’s focus on creating content to grow its gaming division.
“Betr is poised to change the dynamics of the OSB landscape by moving ‘entertainment’ front and center through compelling content, a superior user experience and deeper engagement across both major and alternative sports,” Ehrenberg said.
Fuel Venture Capital Founding Partner Jeff Ransdell also praised the connection to the consumer through gaming and media offerings.
“Joey, Jake, and the incredible Betr team are truly creating something remarkable,” Ransdell said. “They are addressing a genuine need in the sports media and betting world, catering directly to the end consumer. The overwhelming demand from investors wanting to join this journey is a testament to the validity and promise of what they’re building.”
Related Link: Exclusive: Betr Is Not Just A Sports Betting Company, How Jake Paul Leverages Audience To Lower Acquisition Cost
What’s Next For Betr: The funding round comes as Betr has grown through its Betr Gaming and Betr Media divisions.
Betr Gaming offers microbetting, allowing users to bet on individual plays during sports contests. Betr Gaming is live in Ohio and Massachusetts, with plans to launch in Virginia soon. The company has access rights to Indiana and other markets the company said will be announced soon.
Betr said it has additional growth opportunities coming for the Betr Gaming division.
“Betr Gaming will be unveiling two additional real money gaming verticals, which will be announced over the coming weeks and months, signifying the company’s commitment to diversification and innovation within the gaming industry,” the company said.
Betr recently acquired the Chameleon platform from FansUnite FUNFF, which the company said will lead to new bet types and sports offerings.
The company’s Betr Media is listed as the fastest-growing sports betting media brand in the United States. In its first 10 months, Betr Media has over 1.3 billion social media impressions. The media segment has over 1.4 million social media followers.
The Betr Media unit continues to be focused on original and short-form content with a target of reaching key demographics.
“Betr Media’s unique approach of creating culture as opposed to reposting culture is also informing unprecedented media-audience-to-product conversion, with over 20% of Betr Media’s estimated Ohio audience already converting to real money gaming customers for Betr Gaming.”
The company said Betr Media is helping to power customer acquisition for Betr Gaming and helping the company have the “best unit economics in the OSB and iGaming markets.”
The new funding round is expected to help the company continue to monetize users with Betr Gaming and invest in content creators for Betr Media to increase brand awareness.
The Last Word: “Our ability to rapidly scale Betr Media’s audience, and then convert this audience to Betr Gaming at low-to-no CAC, will enable us to have the best unit economics in the regulated real money gaming industry, positioning Betr to create more value than incumbent operators over time,” Levy said.
Read Next: Exclusive: How Jake Paul, Joey Levy Are Positioning Betr As The Robinhood Of Gambling Industry
Jake Paul photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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