Jake Paul's venture into the world of betting has proven to be a lucrative one as his startup, Betr, has been valued at an impressive $375 million following the closure of a $15 million financing round.
The round was co-led by Harmony Partners and 10x Capital, with existing backers such as Fuel Venture Capital, Aliya Capital Partners, and Eberg Capital also participating in the investment. Betr has also bolstered its team by hiring Dan Maas as head of media revenue, partnerships, and strategy, along with Andrew Winchell as head of government affairs.
Founded in 2022 by Jake Paul and Simplebet co-founder Joey Levy, Betr previously raised $35 million last June, bringing its total funding to date to $100 million. With this latest influx of capital, Betr intends to focus on user acquisition, product development, and expanding its personnel.
Joey Levy, founder and chief executive of Betr, expressed his excitement about the company's growth, stating, "Raising capital from leading growth stage investors at a $375 million valuation in the very early days of our business is a testament to the performance of the team and business to date, and the potential we have to build a category defining business with Betr."
Looking ahead, Levy anticipates significant growth in the US sports betting industry, expecting it to reach "tens of billions of dollars in revenue" by the end of the decade. Betr's rapid ascent in valuation underscores its potential to become a major player in this thriving market.