Wagr, an app designed for casual sports bets among friends, has completed a $12 million Series A funding round that included owners of the New England Patriots and Philadelphia 76ers.
The Kraft Group — founded by Robert Kraft, owner of the Patriots and New England Revolution — joined Harris Blitzer Sports & Entertainment, owners of the 76ers and the New Jersey Devils, in the round, along with VC firms BITKRAFT Ventures, Greycroft, Pear VC, and Seven Seven Six.
Wagr will use the fresh capital to support development of its platform and fund license applications and associated costs. The company received a license in Tennessee in 2021.
- The Series A round follows a $4 million raise in June 2021 led by Reddit co-founder and investor Alexis Ohanian through his VC firm Seven Seven Six.
- The seed-funding round also included Tinder co-founder Justin Mateen and former Saks Inc. chairman and CEO Brad Martin.
Different Approach to Sports Gambling
Wagr is a platform that simplifies betting for casual users and matches bettors with a friend in the same state willing to take the opposite side. Wagr takes a 5% fee for every bet placed.
The Massachusetts-based company is aiming to obtain licenses in five more states by the end of year and hopes to have its app available for Android users in the coming weeks.
