LAS VEGAS, March 10, 2021 /PRNewswire/ -- PropSwap, Inc. - America's first and only secondary marketplace to buy and sell sports bets - closed a new round of funding this week, raising $2 Million of additional capital.
The company intends to use the funds to launch the marketplace in newly legalized states, accelerate product development, increase user acquisition efforts, and continue to partner with gaming operators around the country.
Participants of the round include: Boston-based Fama Ventures, Chris Grove (partner at Eilers & Krejcik Gaming, and investor/advisor focused on the legal U.S. sports betting and online gambling industry), David Freedman (founder of Inc.'s fastest-growing company in 2019, Freestar), executives from each Airbnb and Instacart, executives in the private equity sector, along with continued follow-on investments from current investors.
"We met Luke and the team more than two years ago and have been actively tracking their progress. The company's momentum and success to date is impressive," said Keith Watson, partner at Fama Ventures. "With more states, including Massachusetts, preparing to follow the more than two dozen states that have already legalized sports betting, the market is set to become a natural extension of the fan experience, just like what happened in the daily fantasy space. It's an exciting time to be a sports fan and to be part of the PropSwap team."
Despite a pause on sports for 3.5 months of 2020, the company experienced all-time highs for bookings, revenue, new users, and engagement.
"This new investment allows us to move quicker than ever before, a critical attribute in the rapidly expanding sports betting industry," said PropSwap co-founder Luke Pergande. "We see our customers making bets knowing the team or player no longer needs to win. The odds simply need to improve. This is a completely different way to bet on sports. Our platform is best in-class for the two massive upcoming sporting events: March Madness, and The Masters."
PropSwap, which was founded in 2015 by Pergande and Ian Epstein, has now raised over $4 Million since inception. With the additional development resources, the company plans to launch new iOS and Android apps later this year.
The company has been featured in: Forbes, New York Times, Wall Street Journal, ESPN's SportsCenter & Around the Horn, and the Chicago Sun-Times, among dozens of other prominent media publications.
About PropSwap, Inc.
Founded in 2015, PropSwap, Inc. is a peer-to-peer marketplace for active sports wagers. Customers who place a legal sports bet in the US are able to list their tickets for sale, at a price they determine, and PropSwap helps them find a buyer. Buyers on the platform find the best odds available, by purchasing directly from another individual.
Contact:
Luke Pergande
[email protected]
SOURCE PropSwap, Inc.
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