Betsperts completes second funding round as Velo Partners invests
Social betting start-up pledges to use investment to develop product and technology
Betting social network Betsperts has raised more than $1m in its second round of seed funding after attracting investment from a number of backers including Velo Capital Partners.
Velo Partners, which has invested in operators including Lottomart, Gaming Realms and Kwiff, joins Nymeria Capital Management and former Barstool and FanDuel executive David VanEgmond in supporting Chicago-based Betsperts.
Betsperts allows bettors to track their picks and networks with friends and other gamblers.
Co-founder and CEO Reid Rooney told EGR North America the firm could now scale more quickly and “capitalize on the rapid growth of its target market.”
He said: “We are going to invest in the product and technology while providing our loyal users with more tools and assets for them to enjoy their betting experiences.
“We continue to actively listen to our users and enhance their daily experience with our platform.”
Velo Partners partner Evan Hoff said: “Velo is extremely excited to be partnering with Betsperts in the next leg of their start-up journey, which combines deep domain knowledge with great passion for sports.
“Sports gamblers are faced with massive amounts of data and a virtually endless array of betting events, creating a strong need for solutions that cut through the noise,” Hoff added.
Betsperts was established in 2018 following the repeal of PASPA.
Early Betsperts UX in August 2019
VanEgmond, who is also on the Betsperts board of directors, recently told EGR NA the firm would consider several different monetization strategies.
“Ultimately, as we build audience and scale, we’ll consider what the right use for that is,” he said.
“Do we ultimately want to partner with one operator or get bought by an operator or media company? That’s still a long way off,” he added