Underdog Fantasy has raised $115 million over multiple funding rounds, achieving unicorn status with a valuation of $1.2 billion in March 2025. The Brooklyn-based company develops an online fantasy sports platform that enables users to draft teams and win real prizes across various sports, including football and basketball. Available on both Android and iOS, Underdog Fantasy blends entertainment, analytics, and competition into one of the fastest-growing platforms in sports tech.
Keep reading to explore Underdog Fantasy’s funding history, key investors, and what’s next for this unicorn startup.
What Is Underdog Fantasy and What Does It Do?
Founded in 2020 and headquartered in Brooklyn, New York, United States, Underdog Fantasy operates a fantasy sports platform that allows users to draft teams, compete in contests, and win real cash prizes. Focused primarily on football and basketball, the platform’s engaging design and competitive ecosystem have made it a favorite among sports fans.
Underdog Fantasy combines intuitive gameplay, analytics-driven drafting, and social engagement to create a dynamic fantasy sports experience for users.
How Much Funding Has Underdog Fantasy Raised?
- Series A
- Amount Raised: $25M
- Date: 2021
- Motivation: Expansion of fantasy sports offerings and app scaling.
- Series B
- Amount Raised: $20M
- Date: 2023
- Motivation: Broaden user acquisition and integrate advanced sports data analytics.
- Series C
- Amount Raised: $70M
- Date: January 28, 2025
- Lead Investors: Corner Ventures, BlackRock
- Motivation: Product innovation, technology enhancement, and market expansion leading to unicorn valuation.
Total Funding Raised: $115M
Latest Funding Date: January 28, 2025
Key Investors
- Corner Ventures
- Details: Venture capital firm investing in high-growth consumer technology companies.
- Investment Focus Areas: Digital media, entertainment, and sports technology.
- Notable Investments: Technology-driven consumer platforms and gaming startups.
- BlackRock
- Details: Global investment management corporation and one of the world’s largest asset managers.
- Investment Focus Areas: Technology, fintech, sports tech, and consumer growth-stage companies.
- Notable Investments: High-growth startups in data-driven and consumer engagement sectors.
Where Is Underdog Fantasy’s Headquarters?
Underdog Fantasy is headquartered in Brooklyn, New York, United States, positioning the company at the intersection of technology, entertainment, and sports innovation.
What’s Next for Underdog Fantasy?
With unicorn status secured, Underdog Fantasy aims to scale its fantasy sports ecosystem globally, integrating new game formats and expanding into additional sports categories.
The company plans to enhance user engagement through AI-powered recommendations, live analytics, and partnerships with major leagues. Backed by top-tier investors, Underdog Fantasy continues to redefine the fantasy sports landscape with innovation and fan-first experiences.
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