Spark Capital Leads Underdog Fantasy’s Series C Funding, Boosting Valuation to $1.225 Billion

Spark Capital is heading Underdog Fantasy’s Series C fundraising round, marking a major milestone. Prior to the deal, this most recent investment valued the sports gaming operator at $1.225 billion. The investment is among the biggest made by a Silicon Valley company in the sports gaming industry.

Underdog Fantasy will be able to grow its business throughout the United States thanks to the finance. In order to produce new content for its expanding platform, the company intends to improve its product offerings and work with top talent.

Confidence in Underdog’s Growth

The market’s confidence in Underdog Fantasy’s long-term performance is further supported by Spark Capital. Spark Capital General Partner Will Reed was optimistic about the company’s future.

“Underdog has proven they can win where it matters most: product. They’ve also shown they can attract top talent from gaming, tech and sports. Their unwavering focus on product and customer experience is why they’ve emerged as the most innovative player in sports gaming. We see massive opportunity ahead and are thrilled to be on the journey with them to make sports more fun.”

Underdog Fantasy, founded by Jeremy Levine in 2020, offers a mix of daily fantasy sports (DFS) games, sports betting options, and original content. Notable programs include Gil’s Arena, hosted by former NBA All-Star Gilbert Arenas.

Levine highlighted the importance of Spark Capital’s investment: “Spark’s investment is a real accelerator. We’re going to continue to invest in people and product – and as fast as we can. There is so much more to build, and we’re going to keep building.”

Spark Capital contributed $70 million to the first round of Series C funding. According to projections, the sum might surpass $100 million, which would triple Underdog Fantasy’s 2022 Series B valuation.

Underdog Fantasy is in a strong position to expand its market reach and keep providing its players with cutting-edge gaming experiences thanks to this financial boost.