US-based Sporttrade, a fintech, sports betting company, raised US$ 36M in a funding round on 22 June 2021.
Investors: Investors from both the financial and gaming industries included Jump Capital, Impression Ventures, Hudson River Trading, Tower Research Ventures, Jim Murren, former CEO of MGM Resorts International and Tom Wittman, former CEO of the Nasdaq Stock Exchange. Sporttrade also issued convertible debt to Nasdaq Ventures.
Purpose of the funding: The funding raised will be utilized towards customer acquisition, expansion into additional states and continued investment in a diverse and talented team.
About Sporttrade
Founded in 2018 by Alexander (Alex) Kane and Henry Fuz, Sporttrade is America’s dynamic sports betting platform where sports betting meets stock trading. It is poised to enter the US market with regulated sports betting exchange. Sporttrade is led by an accomplished team from sports betting and capital markets backgrounds. The company is headquartered in Philadelphia, Pennsylvania.
The open betting marketplace of Sporttrade allows participants to trade sporting events the same way they trade stocks, with tighter spreads, more liquidity and features like “always-on” in-play trading. They also have the freedom to trade in and out of bets at any time.
The company still has pending approvals and licensing by the New Jersey Division of Gaming Enforcement. However, Sporttrade plans to launch its iOS app during the second half of 2021.
Sporttrade believes that its disruptive approach will revolutionize gaming by following the playbook of the U.S. capital markets and democratize the customer experience. Its mission is to offer a secure and technologically advanced platform.
What the CEO has to say: “Today marks a significant broadening of our coalition to elevate the sports betting industry. Our mission is to elevate the sports betting industry by applying capital markets principles and technology and to place the customer at the forefront.” — Alex Kane, Founder and CEO of Sporttrade.
What the investors have to say: “We are thrilled to back Alex and his amazing team at Sporttrade. They have built a retail trading solution for betting, reflecting pricing based on win probabilities and allowing users to easily trade in and out of any position. To enable low-cost wagers, they’ve assembled a team from across capital markets and betting, locking in partnerships with institutional market making partners enable a powerful and liquid exchange. The US bettor will finally have a transparent open market of sports betting wagers to trade, and we couldn’t be more excited to be a partner.” — Partner Yelena Shkolnik of Jump Capital.
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