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Fantasy sports company Underdog has raised $35 million in Series B funding, valuing the business at $485 million.
BlackRock, the world’s largest asset manager with $9.57 trillion in assets under management, participated in the round, which included sports betting and tech-focused VC firm Acies Investments.
The round will allow Underdog to add more than 100 new employees to its workforce, expand into the U.S. sports betting market, and build innovative licensed sports betting products.
- Underdog plans to launch in Ohio and Colorado in 2023.
- The app has a $10 million NFL Best Ball tournament — the largest season-long fantasy pool ever.
- The company has yet to disclose its total number of customers.
BlackRock and Acies joins existing Underdog investors Mark Cuban, NFL wide receiver Odell Beckham Jr., Kevin Durant’s Thirty Five Ventures, NBA guard Trae Young, rapper Nas, and others.
Previous Round
Underdog’s latest influx of fresh capital follows a $10 million funding round in May 2021 led by tech investor and general partner of venture fund SV Angel Kevin Carter. The round included Detroit Lions quarterback Jared Goff, ESPN’s Adam Schefter, and the Action Network.
The investment arm of Philadelphia 76ers and New Jersey Devils owner Harris Blitzer Sports & Entertainment — HBSE Ventures — also participated in Underdog’s Series A funding round.
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