Betr announces $15 million in strategic equity funding at $375 million valuation
Read Time 4 MinutesBetr Holdings, Inc. (“Betr”) announced it has closed $15 million in strategic equity financing from a premier group of investors at a $375 million valuation, bringing its total funding to date to $100 million.
Founded in 2022 by Joey Levy and Jake Paul, Betr is a leading sports gaming and sports media company focused on enhancing the consumption of sports through entertainment. Betr’s gaming products are differentiated through a unique product experience with a simplified user interface that is catered to the casual sports fan, enabling Betr to capture more of the underpenetrated online gaming addressable market.
The round was co-led by Harmony Partners and 10x Capital, with participation from the company’s three largest existing investors: Fuel Venture Capital, Aliya Capital Partners, and Roger Ehrenberg/Eberg Capital, alongside others. This round of financing comes off a highly successful 2023 for Betr, where the company reached a significant level of scale – both with respect to paying users and revenue – while doing so efficiently and profitably.
Betr recently announced market access expansion plans for its Online Sportsbook product, having secured market access in Pennsylvania, Ohio, Virginia, Indiana, Colorado, and Kentucky, as well as the upcoming launch of its Casino product (pending regulatory approval), with the company also securing iGaming market access in Pennsylvania. Betr has also officially received its temporary Indiana sports wagering license from the Indiana Gaming Commission in recent weeks.
Betr also recently announced that it has fortified its senior leadership team, hiring Dan Maas as Head of Media Revenue, Partnerships, and Strategy and hiring Andrew Winchell as Head of Government Affairs. Dan joins Betr from Wave Sports & Entertainment, where he worked his way up from VP of Partnerships to EVP of Commercial and oversaw the development and monetization of highly successful premium franchises, including New Heights with Travis and Jason Kelce and Podcast P with Paul George, in addition to leading the monetization of their successful original short form video focused social media content strategy, which are both highly synergistic to the core pillars of Betr Media.
Dan will lead monetization efforts for Betr Media, positioning Betr’s media arm to become a large bona fide revenue-generating business – in addition to the primary benefit Betr Media serves, which is to create unfair customer acquisition economics for Betr Gaming. Andrew joins Betr from FanDuel, where he served as their Directory of Regulatory Affairs. Andrew brings a breadth of experience working closely with state regulators and political leaders on key issues pertaining to sports gaming and will meaningfully strengthen Betr’s internal government and regulatory affairs capabilities as the company scales in size and launches in new jurisdictions.
“We are thrilled to announce our strategic equity financing, new members of our senior leadership team, and the approval of our temporary Indiana sports wagering license,” said Joey Levy, Founder and CEO of Betr.
“Jake (Paul) and I co-founded Betr just over two years ago, so raising capital from leading growth stage investors at a $375 million valuation in the very early days of our business is a testament to the performance of the team and business to date, and the potential we have to build a category defining business with Betr. Finally, I want to thank the Indiana Gaming Commission for the honor and privilege of a sports wagering license in the Hoosier state. We are excited to launch our new V1 Sportsbook product in Indiana over the coming months, while bringing our best-in-class responsible gaming standards to the state.”
Harmony Partners is a leading growth investor funding breakout emerging companies led by Mark Lotke, who led the software group at FTV Capital, led the pre-IPO group at Internet Capital Group, and prior to that was at General Atlantic. 10X Capital is a prolific venture capital firm led by co-founders Hans Thomas and David Weisburd having invested in companies including 23andMe, Palantir, Robinhood, and Udemy. 10X Capital was a significant investor in DraftKings going back to July 2018.
“We believe that Betr has the product, management and market opportunity that we saw in DraftKings in its early days with a significantly larger TAM and room for growth today,” said David Weisburd, Co-Founder and Head of Venture Capital at 10x Capital.
To learn more about Betr, visit www.betr.app