Draft Fantasy Sports Betting Startup Raises $3.5 Million In Funding
Our loyal readers know that one of our main focuses is on the growing fantasy sports betting market. In particular the daily real money fantasy sector spearheaded by the likes of DraftKings and FanDuel. These two powerhouses are dishing out hundreds of millions of dollars in real money daily tournaments. We reported that here is an estimated 42 million sports betting fanbase in the U.S. and Canada alone which is constantly growing.
The pace at which both FanDuel and DraftKings are expanding in all major sporting franchises including the NBA, NHL, NFL and even the UFC is unprecedented. Everyone acknowledges the unlimited growth potential for fantasy sports betting as if or when sports betting becomes legal on a nationwide basis, these startups will go from billion dollar companies to multi-billion dollar enterprises overnight.
It is no surprise that new fantasy startups are popping up on a frequent base as the chance to get in on this exciting sector is still out there. With March Madness underway the there is no better time for any fantasy sports betting company to do some clever marketing. This is exactly what Draft has done. The sports mobile game business announced a $3.5 million round of funding as well as the launch of their March Madness real money betting app called Draft.
The founders of the New York company are Jeremy Levine and Nicolo Giorgi. Their previous company StarStreet was just one of the acquisitions of DraftKings who went on a shopping spree to acquire all of their competitors. Draft is new and currently offers NBA, NHL and College basketball games. More is to follow as the company intends to grow.
This latest round of funding was led by Upfront Ventures and included The Chernin Group, Advancit Capital and QueensBridge Venture partners. Partner at Upfront Ventures, Greg Bettinellli commented on their ne investment,” We are super excited about the potential for Draft as they continue to innovate in the incredibly dynamic fantasy sports space. The emergence of daily fantasy sports and mobile has had an immediate impact on the way sports fans interact with their favorite players and teams, and Draft takes these behaviors to the next level.”
Another Draft advisor and former CEO of Yahoo, Ross Levinsohn said,” Draft is addicting. It combines the best of what I’ve seen over the last two decades of fantasy sports play into a simple, dynamic, and compelling experience.”