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Sunday, July 14, 2024

D1 Leads $32M Round for Fantasy Sports Platform

Rei-do-Pitaco
Rei do Pitaco/Design: Alex Brooks

Rei do Pitaco, a daily fantasy sports platform, announced a $32 million Series A funding round led by New York investment manager D1 Capital Partners.

The round was co-led by Bullpen Capital, Left Lane Capital, and Kaszek.

Launched in 2019, RDP already has 1.5 million registered users and is only available in Brazil. The platform reportedly gained interest from investors due to the likelihood that sports betting will be legalized in the country as soon as this year.

Bullpen Capital previously raised a $6 million seed funding round for the platform and believes RDP will become a major player in Latin America, similar to a FanDuel or DraftKings in the U.S.

  • Bullpen invested in FanDuel in 2011, just two years after it launched.
  • FanDuel co-founder Nigel Eccles has reportedly advised RDP co-founders Mateus Dantas and Kiko Augusto in their endeavors and is now RDP’s chairman.

Expansion Plans

RDP focuses solely on soccer for now but is looking to reach new territories, sports, and products. 

The new funding round will contribute to more prizes, marketing, product improvement, and personnel expansion. The company wants to increase its number of employees from 75 to 200 this year. It has distributed more than $5 million in cash prizes since its launch.

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