PicksPal Raises $3 Million Series C; Total Funding @ $9 Million
PicksPal is a website where users predict the winners of sporting events and win free prizes by doing so. Essentially it is a fantasy football, baseball, basketball, and other sports website. Except in this case, users have an incentive to participate here rather than other websites.
The company is based in Mountain View, Calif. PicksPal was founded by Tom Jessiman, a former CBS SportsLine.com, Sports.com, and Ziff-Davis senior executive. Since the company started in September 2005, they have raised $9 million. The first round of investment at $2 million was provided by Canaan Partners. The second round was $4 million and was provided by Canaan Partners and Bay Partners. And the most recent funding at $3 million was provided by Canaan Partners and Bay Partners once again.
As this is the generation where the post World War II baby boomers are passing habits on to Generation X and Generation Y, more people are tuning into sports and want to compete with their peers. There is a lot of room to grow in this market and with this new round of funding, PicksPal should redesign their web site as a first step to cater to the Web 2.0 enthusiasts.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry