Daily Fantasy Sports Operator, PrizePicks, Secures Funding in Round Headlined by WSOP King Phil Hellmuth
The DFS operator raised bridge capital in Q2 to strengthen the company's position, run R&D on new markets and capitalize on emerging opportunities
ATLANTA, July 7, 2020 (Newswire.com) - PrizePicks, one of the fastest-growing daily fantasy sports games on the market, has officially closed an $850,000 bridge raise led by Parlay Capital Holdings. Also contributing to the raise was AMJ Ventures as well as a host of notable angel investors, including 15-time World Series of Poker Champion Phil Hellmuth.
"While this bridge raise was done in response to the current pandemic, it allowed us to check some boxes regarding a well-rounded cap table," said Adam Wexler, Founder and CEO of PrizePicks. "Securing investors like the world's most accomplished poker player proves we're onto something big."
Gaming stocks have been one of the few areas impervious to the COVID-19 recession. DraftKings, another operator within the sports betting industry, recently reached a merger deal to go public this past April. However, as evidenced with PrizePicks, the investment opportunities are not just limited to the public markets.
"I absolutely love the core business model of PrizePicks and the team behind the game," said company investor, advisor and Hall of Fame Poker star Phil Hellmuth regarding the raise. "I've been around this industry for decades, and I've never been more impressed with an emerging operator's fundamentals and potential for growth."
Wexler intends to lead the company through a priced round fundraise ahead of the start of the 2020 NFL season. With PrizePicks being one of the only domestic pure-play sports betting operators in the industry, he believes this investment opportunity should speak for itself.
About PrizePicks
PrizePicks is changing the mold of daily fantasy sports. Centered around the standard over/under on fantasy score player prop predictions, PrizePicks allows users to play against the projections rather than each other. Offering the widest breadth of sports league coverage, PrizePicks is the only DFS operator to offer mixed-sport entries. PrizePicks, based in Atlanta, GA, is the third product from Performance Predictions, a suite of fan engagement solutions such as SidePrize, the 2016 Fantasy Sports & Gaming Association's 'Rookie of the Year' award recipient. PrizePicks is available in the Apple Store and Google Play or at prizepicks.com.
Media Contact:
Cast Influence for PrizePicks: PrizePicksPR@castinfluence.com
Source: PrizePicks