Betr, a promising sports start-up, has successfully secured $35 million in a Series A2 funding round, setting the stage for the launch of two new verticals in the near future. With this latest financing, the company’s pre-money valuation stands at an impressive $300 million.
The Series A2 round saw strong co-leadership from Roger Ehrenberg of IA Sports Ventures and Eberg Capital, alongside Fuel Venture Capital. Fuel Venture Capital has notably expanded its investment in Betr from $10 million to a total of $20 million, demonstrating its confidence in the company’s potential.
Betr’s co-founders, Joey Levy and Jake Paul, also actively participated in the funding round, underlining their commitment to the sports betting company’s growth. Additionally, major existing investors, including FinSight Ventures, Florida Funders, and Aliya Capital Partners, have significantly increased their investments beyond their pro rata.
This successful funding round will fuel Betr’s expansion plans and propel the company toward its upcoming milestones.
“They are addressing a genuine need in the sports media and betting world, catering directly to the end consumer,” said Jeff Ransdell, founding partner and managing director of Fuel Venture Capital.
Betr, initially known for its micro betting-only product that enabled users to place bets on specific plays and micro events in sports, has undergone significant product expansion. The company now offers a broader range of betting markets and comprehensive sportsbook capabilities, catering to a wider audience of sports enthusiasts.
Betr Gaming is proud to be licensed and operational in Ohio and Massachusetts, providing a seamless and engaging betting experience to users in these states. Additionally, the company has plans for an upcoming launch in Virginia, further expanding its market reach.
In addition to its current operational states, Betr holds market access in Indiana and various other jurisdictions, which will be announced in the near future. These expansions reflect the company’s commitment to delivering innovative and exciting betting opportunities to users across multiple regions.
Betr recently acquired Chameleon and has other growth plans on the way. Betr’s media division, Betr Media, surpassed 1.3bn impressions on social media in its first 10 months.
Joe Levy also highlighted the three pillars of Betr’s business: firstly, low-to-no CAC supported by social media expertise; secondly, strong user engagement and retention driven by brand affinity and a unique product, and lastly, a focus on responsible gaming.
