Jake Paul, Joey Levy-Backed Sports Betting Company Betr Announces $35M In New Funding: 'Creating Something Remarkable'
Portfolio Pulse from Chris Katje
Sports betting company Betr has raised $35 million in a new funding round, bringing its pre-money valuation to $300 million. The round was led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital and Fuel Venture Capital, which increased its investment in the company to $20 million. Betr co-founders Joey Levy and Jake Paul also invested in the round. The funds will be used to continue the growth of Betr Gaming and Betr Media divisions.
June 27, 2023 | 4:15 pm
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POSITIVE IMPACT
Betr recently acquired the Chameleon platform from FansUnite (OTC:FUNFF), which the company said will lead to new bet types and sports offerings.
The acquisition of the Chameleon platform from FansUnite by Betr could potentially increase the value of FansUnite's shares in the short term as it indicates the value and utility of their platform. However, the long-term impact will depend on how successfully Betr integrates and utilizes the platform.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50