Fantasy Sports Betting Startup Underdog Surpasses $1 Billion Valuation

The market value of U.S.-based fantasy sports startup Underdog has surpassed $1 billion, according to the company’s press release.

Following its latest funding round, the company announced its valuation now stands at $1.2 billion — triple what it was in 2022.

The latest round was led by U.S. venture capital firm Spark Capital, which invested $70 million into the startup.

“This investment fits Spark’s philosophy of backing products we love from creators we admire,” said Will Reed, general partner at Spark Capital.

For context: founded in 2020, Underdog is now the fourth most popular sports app in the U.S., with an estimated 4 million users nationwide.