Alternative sports trading start-up closes $1.5m seed funding round
Industry veteran Benjie Cherniak to link up with ALT Sports Data Inc in advisory role amid venture capital fund influx
ALT Sports Data, a startup business focusing on trading and consumer data for alternative sports, has secured $1.5m in seed funding from US investors.
ALT Sports Data provides advanced odds and pricing data, managed trading services as well as expertise and both unofficial and official trading and customer data, which allows operators to attract new audiences and generate new revenue streams.
The funding round was led by Fort Worth-based venture capital fund Trinity West Ventures. Details of other participating investors have not been released by either party.
“The growth opportunity of the sports betting sector is exciting, and the team at ALT Sports Data has a proven track record of molding potential into successful businesses,” Trinity West Ventures managing partner Frank Sciuto said.
“We are excited to see the impact that ALT Sports Data and their partnerships will bring to sports betting and these alternative sports industries,” he added.
Funding will be used to continue to bring together athlete and event data, while furthering the development of data feeds and ALT Sport’s proprietary trading platform.
“Not only does ALT Sports Data empower legalization of these sports in all sports wagering-legal states, it enables media entities to drive new revenue through a large and growing super affiliate network and affiliate marketing programs,” ALT Sports explained.
This funding round comes as ALT Sports Data expands its official league partnership portfolio, a strategy which recently saw the firm secure exclusive global data rights from California-based network Thrill One Sports.
The deal enables sports bets to be taken on Nitro Rallycross and Street League Skateboarding.
In addition to the confirming the seed funding, the ALT Sports has revealed the addition of former Don Best Sports MD and industry analyst/investor Benjie Cherniak.
“The interest and excitement around ALT Sports Data in a tough fundraising environment clearly illustrates the opportunity they have identified and are addressing,” said Cherniak.
“I am thrilled to play a role in the development and growth alongside this team,” he added.