Press Release July 27, 2022

Underdog Sports Raises Series B Funding with $485 Million Valuation

Goodwin’s Technology team advised Underdog Sports Inc. on its $35 million Series B round of fundraising valuing the company at $485 million. The round was led by BlackRock, with participation from Acies Investment and several existing investors. 

Underdog is one of the fastest-growing fantasy sports companies on the market. Over the next year, Underdog plans to build innovative licensed sports betting products, hire over 100 new employees, and continue to lead the industry in daily fantasy innovation.

BlackRock and Acies Investment join existing investors Mark Cuban, Kevin Durant, Trae Young, Odell Beckham Jr., Breon Corcoran (the former chief executive of Paddy Power Betfair), Eilers & Krejcik, Liontree Partners, Kevin Carter, Mantis Fund, and Steve Aoki, among others.

The Goodwin team advising Underdog included Steve Davis, Josh Eisenson, Jason Goldfarb, Mari Tomunen, Kyrylo Kovalenko, Tina Zakhary, and Sam Weiss (Corporate), Andrew Kim (Sports Fantasy and Gaming Regulatory), Janet Andolina (Tax), Charles Li and Justin Pierce (Global Trade), Beth Withers and Nathan Wenk (IP), Jackie Klosek (Privacy), and Scott Zilora, Natasha Dimond, and James Yaworsky (Financial Analysis), with invaluable assistance from Coleen Doyle.

For more details, read the press release and article in the Wall Street Journal.