Betsperts Media & Technology Group has reported the closing of a $6 million Series A fundraising round, CEO Reid Rooney announced on Thursday.
On the announcement, Rooney said: “This capital gives us the opportunity to heavily invest in growing the userbase with investments into marketing technology, more content, and continues to allow us to look at strategic acquisition opportunities.”
By having concluded this round, the group now welcomes new investors including Series A lead HBSE Ventures, which owns and operates the Philadelphia 76ers and the New Jersey Devils; and sports, media and live entertainment-oriented Verance Capital.
👀 👀— BETSPERTS (@betsperts) August 26, 2021
This capital will allow us to invest heavily in additional resources. Example: we’ve gone from 5 tech resources to 13
We plan to continue to look for great additions to the family like @FantasyLifeApp & @4for4football
It’s only the starthttps://t.co/577q6c7epp
On the announcement, Andy Roos, Partner at HBSE Ventures, said: “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 fantansy sports.”
Despite bettors and fantasy players having “no shortage of outlets,” Roos believes there is a strong need for a solution “that cuts through the noise” and provides access to the best content, both user generated and from recognized experts.
“Betsperts will leverage this content to attract consumers across its complementary platforms and take advantage of the explosive growth the sector is experiencing,” further added Roos.
The latest fundraising round has also seen previous investors return, including Parlay Capital Holdings, LLC, Velo Partners, David VanEgmond (current Founder and CEO of Bettor Capital), among others.
The company, which includes among its operations Betsperts app and livestream media content, expects to further expand its sports betting and fantasy sports audiences in the US. Moreover, the group expects to surpass one million lifetime downloads “shortly into the 2021 NFL season.”
Most recently, on May, Betsperts acquired ESPN Senior Fantasy Analyst Matthew Berry’s Fantasy Life App, expected to further extend the group’s reach. On what is next for the group, Rooney added: “We want to be where the social conversation lives for fantasy sports and sports bettors as more states and provinces legalize sports gambling.”