Sharp Alpha Forms $10 Million Sports Betting Fund
Sharp Alpha Advisors recently launched an oversubscribed $10 million venture capital fund that will invest in early stage companies developing technology for the sports betting industry.
Sharp Alpha Advisors recently launched an oversubscribed $10 million venture capital fund that will invest in early stage companies developing technology for the sports betting industry.
Sharp Alpha Fund I has already taken stakes in 12 startups, with an average investment of $250,000 for seed and Series A rounds. Among the dozen companies in its portfolio are Players’ Lounge, GridRival, SharpSports, Prophet and PickUp.
“Not only is the sports betting industry at an inflection point, but market leaders are choosing to buy rather than build at every turn,” Sharp Alpha managing partner Lloyd Danzig said in a statement. “With M&A serving as the primary mechanism through which market leaders achieve differentiation and vertical integration, it is a great time to underwrite next-gen infrastructure.”
The advisory board for the New York City-based Sharp Alpha includes Keith Horn, the former global head of leveraged finance at Merrill Lynch; Emanuel Pearlman, the former chairman of Empire Resorts; Adam Davis, the former chief commercial officer at Harris Blitzer Sports and Entertainment; and Don Kornstein, the vice chairman of Caesars Entertainment.
Read Article on SportTechie - by Joe Lemire