SoBet Raises $3.7 Million in Initial Funding to Accelerate Growth and Product Development

NASHVILLE, Tenn., May 1, 2024 (Newswire.com) - SoBet, a sports betting creator platform, today announced the successful closure of $3.7M in a seed funding investment. The funding, led by Third Kind Venture Capital and supported by other top investors in the space ranging from professional team owners to top executives in the gaming world, signals growing interest in the emerging sector of creator-led sports coverage and its potential to disrupt the aging sports media ecosystem. 

Since launching its mobile app at the start of the 2023 football season, this significant investment comes at a crucial time for SoBet shoring up the company's growth strategy. In addition to investing more money into its innovative marketing strategies, SoBet will use the funds to attract top talent focusing on product development, UX design and growth marketing.

“By changing the way next-gen fans fundamentally engage with sports betting, SoBet aims to become a sustainable platform that will condition healthier habits, allow users to monetize their expert insights, and simultaneously provide a top-tier entertainment experience that cannot be replicated," says Cooper Lycan, Founder & CEO. "Our goal is to become the one-stop shop for sports coverage, analysis, and entertainment. This investment round puts us on track to consolidate all these crucial aspects of the betting world under one umbrella."

On a mission to reinvent the sports media landscape, the platform leverages content from more than 50 independent creators to promote transparency, create community, and foster fan engagement in an increasingly fragmented media ecosystem. SoBet's community-driven approach allows the platform to distribute close to 5,000 posts per month–ranging from in-depth game analyses and transparent picks to more entertainment-focused content–reaching an audience of 10M+ with easily digestible betting insights. 

The investment reflects investors' confidence in SoBet's potential to create a more diverse and independent sports media landscape benefitting brands and creators alike with its ability to hyper-target younger audiences online and deliver more modern and engaged fan experiences. Since its founding in June of 2022, SoBet has onboarded tens of thousands of paying customers, enabled over 75 independent creators to monetize their communities, and thousands of users engage with their platform daily. With multiple revenue streams, including partnerships with professional sports leagues, the company rapidly scaled to over $1M in annual revenue and continues growing exponentially monthly. 

Source: SoBet