Sports IQ completes $7m seed funding raise
AI-powered oddsmaker secures investment from former Caesars CEO and various sports team executives
Betting supplier and oddsmaker Sports IQ has raised $7m in its Series Seed funding round after securing investment from former Caesars Interactive CEO Mitch Garber, a minority owner of the NHL’s Seattle Kraken franchise.
Harlo Equity Partners led the round while industry investment vehicle Velo Partners also invested.
The Kraft Group, Fenway Sports Group president and partner Michael Gordon, former Boston Red Sox and Chicago Cubs executive Theo Epstein, president and CEO of the Boston Red Sox Sam Kennedy, and investment bank Inner Circle Ventures also funded the round.
The funding will help enhance Sports IQ’s product development and commercial efforts as it seeks to secure more operator partners.
The supplier currently works with Bally Interactive’s Bet.Works business and French operator Betclic. It also provides its AI-powered oddsmaking engine to IGT and its operator clients.
Omer Dor, CEO and co-founder of Sports IQ, said: “We are thrilled to welcome this distinguished group of investment professionals, seasoned gaming executives, and professional sports team leadership from the NFL, MLB, NHL, and EPL to our team.”
General partner at Harlo Equity Partners Justin Shulman said: “Sports IQ’s innovative approach to exploring new whitespace and uncovering new markets makes them a leading B2B supplier in digital sports betting.
“We believe Sports IQ’s proprietary technology and seasoned management team are perfectly positioned to help an industry experiencing hyper growth create the next generation of product offerings,” he added.