Micro-betting operator Betr announced on Wednesday that it has secured $15 million in strategic equity financing in a transaction that values the company at $375 million. The influx of capital brings Betr’s total funding raised to $100 million since its launch in 2022.
Last June, Betr raised $35 million in a deal that valued the company at $300 million.
Betr’s latest funding round was co-led by VC firms Harmony Partners and 10x Capital. The round also included existing investors: Fuel Venture Capital, Aliya Capital Partners and Roger Ehrenberg/Eberg Capital. The firms are Betr’s three largest investors.
“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 10x Capital co-founder and Head of Venture Capital David Weisburd in a statement.
Co-owned by CEO Joey Levy and social media star Jake Paul, Betr has also expanded its reach amid the new investment.
The company’s sports wagering product, Betr Sportsbook has received a temporary wagering license in Indiana from the state’s Gaming Commission. Indiana joins Pennsylvania, Ohio, Virginia, Colorado, and Kentucky as jurisdictions Betr Sportsbook has secured market access. Betr also plans to launch an iGaming product pending regulatory approval. As of March 6, there are seven states that have iGaming.
Steady process for Betr
Betr Sportsbook is navigating a competitive online wagering market, which has seen the operator generate early lukewarm results. However, Betr Sportsbook is steadily growing.
“Everything you are seeing has always been part of the plan,” Levy told SBC Americas last August. “We’ve established our license ability, our suitability, and our operational compliance capabilities in multiple jurisdictions for online sports betting, while also at the same time establishing ourselves as what we believe to be the leaders in responsible gaming.”
Betr plans to debut its fully operational sportsbook ahead of the 2024 NFL season. The company’s media division will attempt to acquire new customers ahead of the launch as the fastest-growing sports betting media brand with over 2.5 million followers on social media.
