ZenSports Closes Additional $675K in Seed Funding
New funding will be used for marketing and growth of the company's P2P sports betting app.
SAN FRANCISCO, October 30, 2019 (Newswire.com) - ZenSports, the mobile peer-to-peer sports betting marketplace where anyone can create and accept sports bets with anyone else in the world without the need for a centralized bookmaker, has just announced the closing of another $675K in additional seed funding.
The new funding was led by Jor Law, Co-Founder of VerifyInvestor.com, which was acquired by tZERO in 2018. The round was syndicated across several notable angel investors, including Jason Calacanis’ LAUNCH accelerator, and was part of a broader, rolling close of a $1M+ round that began in February 2019. Additional investors in the round include Baldini’s Sports Book & Casino and Movoto Co-Founder, Henry Shao.
According to Law, “By leveraging peer-to-peer social concepts and blockchain technology, ZenSports improves the sports betting experience so that customers have more fun and in a more trustworthy environment than what traditional bookmakers offer, all at a fraction of the cost. It’s a perfect use case of blockchain technology, and I’m excited to be part of the journey with Mark and ZenSports.”
With ZenSports, bettors can create their own bets with their own odds and terms, or accept bets that others in the marketplace have created, all at a fraction of the cost that traditional bookmakers charge. As a decentralized marketplace for sports betting, ZenSports is eliminating the need for a bookmaker altogether, and giving bettors a cheaper, faster, and more trustworthy process for wagering on sports.
ZenSports has also created its own cryptocurrency utility token called SPORTS, which customers can use for placing bets, earning discounted betting fees, and getting cash back, bonuses, and other rewards. Betting with SPORTS tokens gives customers an exciting and rewards-driven experience for wagering on sports that traditional bookmakers don’t offer. In addition, it is ZenSports’ goal to eventually integrate SPORTS into other access points within the sports ecosystem, such as online merchandise, event ticketing, in-game food and beverage, and professional sports leagues, thereby creating an entire payment ecosystem from beginning to end for sports enthusiasts.
In just a short time since launching, ZenSports has processed over $1.5M in bets and has cleared several regulatory hurdles in order to begin scaling both internationally and in the United States. Since launching its SPORTS cryptocurrency utility token in July 2019, nearly all bets within the app have been made using SPORTS tokens.
The funding will be primarily used for marketing and customer acquisition strategies. Up to this point, ZenSports has built its entire customer base on word of mouth and free social channels, such as its Telegram group.
“Our initial customer base, betting volume, and revenue has grown purely from word of mouth and social channels,” says Thomas. “We’re confident that our early product-market fit demonstrates the demand within the sports betting industry for a peer-to-peer marketplace solution that utilizes blockchain and cryptocurrencies. This funding round brought us some great strategic investors and allows us to invest into some great new marketing channels so that we can further accelerate our growth.”