What is Underdog?
Underdog Sports operates as an online daily fantasy platform, providing both mobile applications and web services tailored for sports enthusiasts. The company distinguishes itself through innovative contest formats, including best ball drafts and prediction markets, covering major professional sports leagues. Users engage by building unique rosters and monitoring live performances to compete for cash prizes, eliminating the need for traditional season-long player management.
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 Matthew Dellavedova, Wilson Chandler, Jared Goff, Kevin Carter, HBSE Ventures, Action, Adam Schefter, David Blitzer, and Roham Gharegozlou
Series B (2022): $35M led by Acies Investment and BlackRock
Series C (2025): $70M supported by Spark Capital
Key Investors in Underdog
Spark Capital
Spark Capital invests in products loved by creators, supporting founders across all sectors and stages from their offices in San Francisco, Boston, and New York City.
BlackRock
BlackRock is a global investment management firm offering a comprehensive range of investment products and services, managing assets across various classes for institutional and individual investors worldwide.
HBSE Ventures
HBSE Ventures is a leading investment firm focused on partnering with entrepreneurs to develop innovative companies in the sports tech sector, leveraging its extensive network and expertise to accelerate growth.
What's next for Underdog?
With a recent major strategic investment and a substantial total funding amount, Underdog is poised for significant expansion and further product development. The company's focus on innovative fantasy sports formats and its ability to attract considerable capital suggest a strategic push to capture a larger market share. Future endeavors will likely involve enhancing user experience, expanding into new sports verticals, and potentially exploring new revenue streams beyond traditional entry fees, leveraging its established user base and technological infrastructure.
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