Betr has raised an additional $35m in a recent investor funding round to give the online sports betting company a valuation of $300m.
The Series A2 round of financing, which had an initial closing in Q2 and is scheduled to conduct a finish closing in Q3, was led by IA Sports Ventures, Eberg Capital and Fuel Venture Capital. Fuel expanded its investment size to date from $10m to $20m.
Betting executive Joey Levy and social media personality Jake Paul – both co-founders of Betr – also took part in the investment round via a personal investment and the Anti Fund, respectively.
Existing investors who took part in the round as well included FinSight Ventures, Florida Funders and Aliya Capital Partners.
The recent Series A2 funding round follows from an initial investment round which took place last August and raised $50m for the company.
Beginning as a micro-betting product, Betr has since expanded into the wider online sports betting market with Betr Gaming and into media with Betr Media.
Betr Gaming is currently live in Ohio and Massachusetts, and is licenced in Virginia with plans to launch in the state soon. It also holds market access in Indiana and has announced plans to unveil two additional real-money gaming verticals over the coming weeks and months.
The company recently acquired the Chameleon platform from FansUnite, enabling it to launch V1 of its online sports betting product, Betr Betting, with full sportsbook capabilities. Chameleon will also support the launch of the two additional gaming verticals.
“I am thrilled to announce our Series A2 round of financing, which we opportunistically raised after successfully laying the foundations for Betr Gaming and Betr Media while validating some of our core theses,” commented Joey Levy, Founder and CEO of Betr.
“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.
“The three pillars of our business are 1) low-to-no-CAC supported by unique social media expertise, 2) strong user engagement and retention supported by brand affinity and a differentiated product, and 3) a focus on responsible gaming supported by a team that believes in doing the right thing.
“We have seen material validation of pillar one, we have demonstrated leadership and still have more planned with respect to pillar three, and we will be better positioned to validate pillar two after launching our two other real money gaming verticals and V1 of Betr Betting on top of the recently acquired Chameleon platform.”
Levy continued: “Finally, I am thrilled this round has served as a platform to deepen the Company’s relationship with Roger Ehrenberg, one of the most successful venture investors of the past two decades who is investing over 10x his pro rata in this round, and Fuel Venture Capital, one of the preeminent Miami-based venture capital firms, who is doubling their investment in the company from $10m invested to date to $20m total after this round.
“I am grateful for the continued support of Roger, Fuel Venture Capital, and many of our other great investors.”
Roger Ehrenberg stated: “Betr is poised to change the dynamics of the OSB landscape by moving “entertainment” front and centre through compelling content, a superior user experience and deeper engagement across both major and alternative sports. Sports have a special ability to bring people together, and no company is better positioned to accelerate and benefit from this trend than Betr.”
Jeff Ransdell, Founding Partner & Managing Director of Fuel Venture Capital, added: “Joey, Jake, and the incredible Betr team are truly creating something remarkable.
“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.”