What is Underdog?
Underdog operates as a sophisticated online daily fantasy platform, distinguishing itself through unique contest formats such as best ball drafts and dynamic prediction markets. By integrating mobile applications with web-based services, the company provides enthusiasts with a seamless interface to build rosters and track live performances across major professional leagues. Unlike traditional platforms that require constant roster management, Underdog emphasizes user-friendly, high-engagement formats that cater to both casual fans and serious sports analysts. Its market position is bolstered by a commitment to technological innovation and a deep understanding of the intersection between sports data and digital entertainment.
How much funding has Underdog raised?
Underdog has raised a total of $115M across 3 funding rounds:
Unspecified
$10M
Series B
$35M
Series C
$70M
Unspecified (2021): $10M with participation from Adam Schefter, Matthew Dellavedova, Jared Goff, Roham Gharegozlou, HBSE Ventures, Kevin Carter, David Blitzer, Wilson Chandler, and Action
Series B (2022): $35M led by Acies Investment and BlackRock
Series C (2025): $70M supported by Spark Capital
Key Investors in Underdog
Spark Capital
A venture capital firm that invests in products created by visionary founders, with a portfolio spanning major technology platforms like Coinbase and Slack.
BlackRock
A global investment management leader providing institutional-grade capital and risk management services across diverse asset classes.
HBSE Ventures
An investment arm of Harris Blitzer Sports & Entertainment, specializing in accelerating growth for technology-driven platforms in the sports and digital media sectors.
What's next for Underdog?
With the successful closure of this Series C round, Underdog is well-positioned to accelerate its product roadmap and expand its footprint in the sports tech ecosystem. The capital will likely be deployed toward enhancing its proprietary prediction engine, scaling its user acquisition efforts, and potentially exploring new vertical integrations within the broader sports betting and media landscape. As the company matures, the focus will shift toward sustaining long-term user retention and navigating the evolving regulatory environment governing digital sports contests. The backing from high-profile institutional investors provides not only the necessary liquidity for aggressive growth but also the strategic network required to solidify Underdog's status as a market leader in the digital sports arena.
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