Underdog describes the raise led by Spark Capital as the sports gaming industry's largest investment from a top-tier Silicon Valley firm.
Underdog achieved a proverbial milestone with a funding round disclosed on Wednesday (26 March), clearing a valuation of $1 billion for the first time in company history.
The $70 million Series C round values the online sports gaming company at $1.2 billion (£927.4 million/€1.1 billion), nearly tripling the valuation Underdog received three years ago. The round led by Spark Capital represents the sports gaming industry’s largest investment from a top-tier Silicon Valley venture capital firm, Underdog wrote in a 26 March press release.
“This investment fits Spark’s philosophy of backing products we love from creators we admire,” said Will Reed, a 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.”
“A real accelerator”
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