Colorcast Raises $3.5M Seed Round; Inks Deals With Major Sportsbooks
Led by Austin-Based Next Coast Ventures, Colorcast's Seed Round includes follow-on investments from Tribeca Early Stage Partners, Capital Factory, VoicePunch, Hilltop Venture Partners, eon Capital Venture Fund, Connetic Ventures, and HBS Angels.
AUSTIN, Texas, June 7, 2022 (Newswire.com) - Colorcast has closed a seed round of $3.5M from Austin-based Next Coast Ventures, New York-based Tribeca Early Stage Partners, Dallas-based Capital Factory, Los Angeles-based VoicePunch, Denver-based Hilltop Ventures Partners and eon Capital Venture Fund, San Francisco-based Connetic Ventures, and Chicago-based Harvard Business School Angels, among others. At the same time, Colorcast has inked affiliate partnership deals with major sports books including BetMGM, Caesars, PointsBet, and others, whereby Colorcast's users will be able to place bets on their sports book of choice without ever leaving the app.
Colorcast is a Social Sports Talk App that allows anyone, anywhere, with no equipment, to commentate on live sports, before, during, and after the game. Colorcast provides "casters" and listeners with stats, scores, betting odds, and other real-time information about the game. Casters and listeners interact with each other via text chat or via the "Hot Seat," where listeners are brought onto the microphone and given a chance to ask questions or share their own hot sports takes.
Now, with the NFL season quickly approaching, Colorcast is planning a bold move into the sports betting space with the support of major sportsbooks, 20+ years of in-house sports betting experience, and a world-class community of users. "Colorcast has always been about fan engagement," stated Co-Founder and CEO, Evan Kirkham. "We've made sports more accessible and engaging for tens of thousands of sports fans with our social sports talk product. Sports betting is the next frontier of fan engagement and there are some serious accessibility problems that we believe our team is uniquely positioned to solve."
Next Coast Ventures' Managing Director, Mike Smerklo, stated that he believes that because of "their proprietary technology and ease of use, Colorcast is changing the way we interact with live TV, and, by extension, other sports fans. We're excited to partner with the Colorcast team given their track record of executional excellence and maniacal focus on fan engagement."
Tribeca ESP's Managing Partner, John McEvoy seconded Smerklo's sentiments: "We are doubling down on our bet. The speed at which the Colorcast team iterates is seriously impressive. I have every reason to believe they will be able to address problems in the sports betting industry like widespread confusion around betting terminology, uninformed decision making, and bettors' inability to articulate or improve on their strategy, in the same way that the team solved for the lack of engagement resulting from genericized network broadcasting."
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Source: Colorcast, Inc.