Despite the fundraising challenges of COVID-19, OwnersBox demonstrates the strength of its segment-defining Weekly Fantasy Sports (WFS) product by oversubscribing a $1.6M USD seed round. OwnersBox is preparing to welcome a select group of fantasy sports users and industry insiders to enter beta testing at the end of July
OwnersBox, an innovative sports-tech company, announced it has oversubscribed and closed a $1.72M ($1.6M original target) USD seed round as it prepares for the much-anticipated user beta testing phase of its flagship fantasy platform.
The product, Weekly Fantasy Sports (WFS), bridges the gap between daily (DFS) and season-long fantasy sports (SFS), the two dominating models in the market.
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OwnersBox VP of Marketing Sandy Plashkes commented, “We want to leverage social and gamification elements to engage the user beyond the typical DFS experience. By taking the best features of DFS and season-long fantasy, and adding a unique control metric to ensure fairness, our product delivers a layer of strategy and excitement that enables users to influence the outcomes of their contests.”
The unique game, designed to appeal to the entire 60M+ North American fantasy sports user base, is set to launch in time for the upcoming NFL season. MLB, NBA and NHL contests are also offered.
OwnersBox originally intended to be entering their Series A round, but the onset of the COVID-19 pandemic forced the company to switch gears.
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OwnersBox President and CEO Brian Kipp explains, “Under normal circumstances raising Series A funding, pre-revenue, is challenging. Under a worldwide pandemic where investors and businesses in general are experiencing a o***************** disruption event, the door is effectively closed. We used the time to cultivate potential investor relationships so a familiarity would be present once the restrictions lifted. We had to be creative. Our product is strong and is gathering substantial interest.”
Instead of pursuing the full Series A at this time, OwnersBox is planning on opening a seed extension round it is coining ‘COVID-19 Supplemental.’ Details on that were not available at the time of publication.
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