Jake Paul’s Betr Raises $35 Million at $300 Million Valuation

Betr, the sports betting app co-founded by Jake Paul and Joey Levy, has raised $35 million to give the company a $300 million pre-money valuation. The Series A2 funding round was co-led by Roger Ehrenberg’s IA Sports Ventures and Eberg Capital, and Fuel Venture Capital. 

Paul, the social media star turned boxer, personally invested in Betr’s latest round, as did Levy, who additionally co-founded the sports betting data provider Simplebet. Betr’s micro-betting app lets users place bets mid-game on upcoming plays, such as predicting the outcome of the next pitch in baseball or if a football game’s next play will be a run or pass.

Ohio and Massachusetts are the current two states where Betr’s app is live, while the company plans to soon launch in Virginia and Indiana. Betr agreed in May to acquire the Chameleon betting platform from FansUnite for $7.45 million.

Through IA Sports Ventures, Ehrenberg is also a minority owner in MLB’s Miami Marlins. He also owns an equity stake in Commonwealth, the sports investment app that sold shares in Kentucky Derby winner Mage.

The influencer and boxer helped raise a $50 million Series A funding round for his new sports betting and media company. The company will target young sports fans with a focus on micro-betting.