NEW YORK, May 31, 2017 /PRNewswire/ -- Boom Fantasy, the fast-rising new competitor in fantasy sports, has closed a $2 million Series Seed round. The company will use the new funds for product advancement and player enhancements. In conjunction with the raise, Boom Fantasy has acquired the primary assets of market competitor Draftpot as the industry continues to consolidate.
Boom Fantasy has emerged as the premier destination for sports fans who want an extremely fun mobile-first fantasy experience. Boom Fantasy offers a unique and superior style of play that simplifies and reshapes the fantasy sports contest. Instead of a complicated salary cap gameplay that ensures only the most quantitative players win, Boom Fantasy poses a series of simple questions – e.g. 'Who will score more points tonight: LeBron James or Steph Curry?' – to assist players in the generation of their fantasy teams. The company will run the largest fantasy sports contest for the NBA Finals in June -- with over $100,000 in cash prizes.
The round was led by Founders Fund's FF Angel, with participation from top executives and owners from ESPN and Major League Baseball. Cyan Banister, a partner at Founders Fund who has established herself as one of the premier early-stage investors with her investments in Uber and SpaceX, led the investment.
"Boom Fantasy is incredibly fun -- both for diehard sports fans and for casual fans who want something to root for. This was the first fantasy sports company that I was truly excited about," said Banister. "Boom Fantasy is poised to rapidly rise in an industry that has overcome regulatory scrutiny and expects substantial growth in the years ahead."
Boom Fantasy's new round follows a small seed investment from Mark Pincus and other top gaming angel investors in 2015.
"Boom Fantasy was founded on a simple premise -- that FanDuel and DraftKings just weren't all that fun," said Stephen A. Murphy, CEO of Boom Fantasy. "We knew we could create a better game that appealed to real sports fans -- not just the high-volume professionals. We are excited to use these new funds to take our product to the next level."
With the acquisition of Draftpot, a company that had raised $3 million in funding, Boom Fantasy will double its user base. Boom Fantasy has also acquired Draftpot's intellectual property, including its technology and gameplay.
"Boom Fantasy's mission is to increase the thrill of sports for every fan," said Assaf Einat, CTO of Boom Fantasy. "With this acquisition and funding round, Boom Fantasy will have larger prize pools, exciting new gameplay, and even better customer support. We look forward to offering an unparalleled fantasy sports experience for our players."
About Boom Fantasy
Boom Fantasy is one of the fastest growing companies in fantasy sports. The company's flagship consumer product dramatically simplifies and reshapes the daily fantasy sports experience -- players answer a series of simple questions (e.g. Who will score more points tonight -- LeBron James or Steph Curry?) and compete against other players around the world for six-figure prize pools.
Boom Fantasy was named the 'Best Fantasy Sports App of 2017' at the EGR North America Awards. The company, founded by gaming and technology veterans Stephen A. Murphy and Assaf Einat at Stanford University's Graduate School of Business, has raised over $3 million from Founders Fund, Zynga CEO Mark Pincus, and owners and executives from Major League Baseball and ESPN.
About FF Angel
FF Angel is the early stage investment vehicle of Founders Fund, a venture capital firm investing in science and technology companies solving difficult problems. The firm and its partners have been early backers of some of the most impactful companies of the past decade, including SpaceX, Palantir, Facebook and Airbnb. Founders Fund pursues a founder-friendly investment strategy, providing maximum support with minimum interference.
Stephen A. Murphy
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SOURCE Boom Fantasy