Scoop: Sports app Underdog now valued at $1.2 billion
Underdog, a Brooklyn-based fantasy sports and sports betting app, tells Axios that it raised $70 million in Series C funding at a $1.23 billion valuation from Spark Capital. It's the first close of a round that could total more than $100 million.
Why it matters: Underdog co-founder and CEO Jeremy Levine sold prior startups to both DraftKings and the parent company of FanDuel, but recently told employees that he has no intention of "finishing third again."
He argues that Underdog has built its own tech, unlike incumbents that relied on overseas platforms, which makes it more "fun" and approachable for U.S. users who haven't set foot in physical sportsbooks.
Catch up quick: Underdog now has raised $140 million since being founded in 2020. Existing backers include BlackRock, Harris Blitzer Sports Entertainment, SV Angel, Mark Cuban, and Kevin Durant.
It mostly provides fantasy sports games, but now has sportsbook offerings in North Carolina and is preparing to expand them to Missouri.
The bottom line: The sports betting market may feel more saturated than it really is, based on the relatively small fraction of Super Bowl watchers who placed online wagers.
"I first met Jeremy three or four years ago as the business was just getting off the ground, and it seemed implausible that a new startup could emerge in that space," explains Spark Capital partner Will Reed. "So I'd wish him luck, and then each year he'd come back having done what he said he'd do."
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