ZenSports is excited to announce today the closing of our new $2.4M Series A in funding! Investors in this round include Gaingels, MicroVentures, Calm Ventures, Twenty Five Ventures, Allied Ventures Partners, as well as other individual angel investors.
The new round of funding will be used to continue and complete our current US gaming license applications that we have on file in Nevada and Tennessee. ZenSports also recently signed a partnership deal with Boulter Developments to eventually expand into Colorado.
For our Nevada license, we signed a deal last summer with Strategic Gaming Management for the option to purchase the Big Wheel Casino in Lovelock, Nevada, which will allow ZenSports to operate our mobile sports betting app anywhere in the state once we get licensed there. The application process in Nevada is going well and we expect that ZenSports’ gaming license there will be approved by July or August of this year. We’re also excited about Tennessee and Colorado, and we believe that ZenSports is the exact kind of product that US customers are looking for.
As a startup, competing with large, well-funded competitors is never easy. But based on our international traction and product-market fit over the past 2 years, we believe that ZenSports offers sports betting customers the most amount of choices in how they bet, complemented with a beautiful and clean design. Over 50,000 bets have been accepted through our app since we launched internationally two years ago, and we’ve processed over $45M in betting volume. We’re super excited to replicate this traction as we expand into the US, and this round of funding will help accelerate our entry into this market.
Gaingels’ Managing Director, Lorenzo Thione, agrees. “Gaingels is excited to be investing in ZenSports’ Series A. Mark and his team have built a cutting-edge sports betting and gaming platform that is poised to grow and scale worldwide. ZenSports’ commitment to diversity within the LGBTQ and other minority communities is core to Gaingels’ mission, and we couldn’t be more thrilled to help the company on its journey.”
ZenSports’ is a mobile sports betting app that offers a wide variety of features to appeal to the next generation of sports bettors. In addition to offering a traditional mobile sports book, ZenSports also offers a peer-to-peer sports betting marketplace, where anyone in any legal market in the world can create and accept sports bets with anyone else in any legal market in the world, without the need for a bookmaker.
ZenSports also offers the ability to fund and wager via cryptocurrencies (in addition to traditional fiat methods). This gives customers a faster, cheaper, and friction-less way to get money in, bet, and get money out. ZenSports has also created its own cryptocurrency utility token called SPORTS, which consumers can use for placing bets, earning discounted betting fees, and getting cash back, bonuses, and other rewards. Betting with SPORTS tokens gives consumers a more exciting and rewards-driven experience for wagering on sports than what traditional bookmakers offer. ZenSports is proving out a real-world use case for cryptocurrencies that consumers are using in their everyday lives.
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