Jake Paul's sports betting app Betr raises $35 million
Betr, a media and sports micro-betting platform co-founded by social media star and boxer Jake Paul, on Tuesday said it's secured $35 million in new funding at a $300 million pre-money valuation.
Why it matters: The capital will be used to scale Betr's media offering, which centers primarily on YouTube, so that the audience can be converted to sports betters at a low cost.
Details: The round is an extension of the $50 million Series A that Betr raised last year.
- Fuel Venture Capital and Roger Ehrenberg (via IA Sports Ventures and Eberg Capital) co-led the new investment, while co-founders Paul and Joey Levy also participated.
Catch up quick: Betr mostly focuses on micro-betting and producing sports betting media content, but also has expanded to real money betting.
- Betr Gaming is licensed in Ohio and Massachusetts, with plans to soon launch in Virginia. It also holds market access in Indiana and other jurisdictions that will be announced soon.
- Last month, it acquired the Chameleon platform from FansUnite, which will support the launch of its Betr Betting product.