- PropSwap — a secondary marketplace to buy and sell sports bets – recently announced it closed $2 million of additional capital. These are the details.
PropSwap — a secondary marketplace to buy and sell sports bets – recently announced it closed $2 million of additional capital. The company plans to use the funding 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.
The participants of the round include 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.
Despite a pause on sports for 3.5 months of 2020, the company had experienced all-time highs for bookings, revenue, new users, and engagement.
And PropSwap – which was founded in 2015 by Pergande and Ian Epstein – has now raised over $4 Million since inception. And with the additional development resources, the company plans to launch new iOS and Android apps later this year.
KEY QUOTES:
“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. 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.”
— Keith Watson, partner at Fama Ventures
“This new investment allows us to move quicker than ever before, a critical attribute in the rapidly expanding sports betting industry. 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 co-founder Luke Pergande
