PrizePicks is a Single Player Fantasy (SPF) pioneering operator in North America. Over the last 12 months, the company has seen incredible growth, considering that from November 2020 through November 2021, the company’s gross gaming revenue and active member base have increased ten times. Moreover, PrizePicks hit an important achievement of paying out more than $100 million in winnings to its members.
New and Return Investors Join PrizePicks’ Latest Funding Round
Complementing its ongoing growth, PrizePicks announced on Wednesday that it closed another strategic round of funding. The company explained that its latest funding round aims to “ramp up marketing spend,” while it will continue to invest in its proprietary and patented technology.
Phoenix Capital Ventures is among the participants that have once again participated in a funding round by the company. Moreover, the round was joined by Astralis Capital, which is a new gaming fund. The Player’s Impact, a sports and entertainment investment group, has joined PrizePicks’ latest funding round. World-famous gold medal gymnast Gabby Douglas and NBA Hall of Famer Tracy McGrady are, in fact, advisers at The Player’s Impact.
Other investors that have joined PrizePicks’ most recent funding round include Hunter Hillenmeyer, retired NFL player and partner at Next Play Capital. Bet.Works founder and former SG Digital executive Quinton Singleton, John Collins, forward for Atlanta Hawks as well as Atlanta Falcons quarterback Matt Ryan has also joined the round.
The Funding Round Complements the Company’s Ongoing Growth
Adam Kaplan, former FanDuel executive, and Vishal Shah, former NFL executive, have also joined PrizePicks’ round of strategic funding. Poker Hall of Famers Phil Hellmuth, as well as Jack McLelland, participated in PrizePicks’ previous funding rounds, as well as Andrew Bogut, the famous NBA star.
“Unlike many of the fantasy and betting operators, PrizePicks was profitable year to date ahead of football season, and we wanted to make the most of our top revenue market, the NBA, converging with our second most popular, the NFL.”Adam Wexler, CEO at PrizePicks
Adam Wexler, PrizePicks CEO, shared his excitement by saying that the company has made a profit year to date. Moreover, he explained that the success has coincided with the start of the football season.
Additionally, Wexler said that the PrizePicks has “experienced very attractive customer acquisition costs this fall advertising across new channels such as linear TV and OTT.” Wexler acknowledged that the company had accumulated four years of marketing experience within multiple acquisition channels. In conclusion, he outlined that PrizePicks is looking forward to “entertaining a major funding round in the early part of 2022.”