Daily fantasy sports and betting operator Underdog is valued at US$1.2bn after fresh funding from venture capital firm Spark Capital.
The company has invested $70m to lead Underdog’s Series C funding round, which is expected to surpass $100m.
Underdog is growing its status as a challenger brand in the US sports betting scene having been founded in 2020.
“This investment fits Spark’s philosophy of backing products we love from creators we admire,” said Will Reed, general partner at Spark Capital.
“Underdog has proven they can win where it matters most: product. They’ve also shown they can attract top talent from gaming, tech and sports.
“Their unwavering focus on product and customer experience is why they've emerged as the most innovative player in sports gaming. We see massive opportunity ahead and are thrilled to be on the journey with them to make sports more fun."
Underdog CEO and founder Jeremy Levine said the investment is a “real accelerator” as the company looks to spend more on “people and product.”
