Underdog Fantasy Sports has raised $70 million in its latest funding round, leading to a valuation of $1.23 billion. The funding round was led by Spark Capital and is expected to accommodate more financing.

Mar 27, 2025•5 months ago

Amount Raised

$70 Million

BrooklynSports

Investors

Spark Capital

Description

Underdog Fantasy Sports is now valued at $1.23 billion following a $70 million funding round led by venture investor Spark Capital. The funding round is still open, which could result in a higher valuation than $1.23 billion. The company has raised a total of $140 million since its founding in 2020. Underdog has gained significant attention for its innovative offerings and plans to expand into traditional sports wagering.

Company Information

Company

Underdog

Location

Brooklyn, New York, United States

About

Legal name of Underdog Fantasy is Underdog Sports, Inc. Underdog, the fastest-growing sports gaming company in the U.S., was founded in 2020 with a simple objective to make sports more fun. The company’s core operating principle: There’s so much more to be built for sports fans in America. As the only top-tier sports gaming operator in the country built on its own proprietary technology, Underdog has a unique ability to create new, engaging products for the U.S. consumer. Underdog’s products provide the best way to enjoy fun, approachable sports games. The company offers fantasy sports games, licensed sports betting, and a growing media network featuring former professional athletes, coaches, analysts, and the fastest breaking news. Underdog is built for and by sports fans to make sports more fun.

Related People

Funding Insights

Based on industry data

VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

Tech investment trends