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OwnersBox announces oversubscription of USD 1.6M

OwnersBox announces oversubscription of USD 1.6M
OwnersBox announces oversubscription of USD 1.6M

 seed funding round

In a recent turn of events, OwnersBox, an innovative sports-tech company, reportedly declared that it has been oversubscribed and closed at USD 1.72 million seed round, where the original target was USD 1.6 million. The investments are meant to prepare the company for the user beta testing phase of its flagship fantasy platform.

According to sources close to the development, Weekly Fantasy Sports (WFS), fills the gap between the two market dominating models, namely daily (DFS) and season-long fantasy sports (SFS).

Sandy Plashkes, VP of Marketing at OwnersBox stated that the company wants to hold social and gamification elements in order to engage the user beyond the typical DFS experience. He further stated that by taking the best features of season-long fantasy and DFS and adding a unique control that ensures fairness, their product offers a layer of excitement and strategy which enables the users to influence the outcomes of their competitions.

As per trusted sources, the game is designed to appeal more than 60 million North American fantasy sports users and is set to launch in the upcoming NFL season. Contests like NHL, MLB, and NBA are also offered.

Brian Kipp, President and CEO at OwnersBox reportedly stated that raising series A funding, pre-revenue is quite challenging under the normal circumstances. Given the pandemic outbreak, where the businesses and investors are suffering, in general, amid a once in a lifetime disruption event, the option is no more available, added Kipp.

He further said that the company used this time to nurture potential investor relationships so there would be familiarity once the restrictions are lifted. He added that the product is strong, and it is gathering substantial interest.

According to the trusted sources, rather than pursuing the full series A during the pandemic situation, the company is planning to open seed extension round coining 'COVID-19 Supplemental’.

Source credits-

https://www.prnewswire.com/news-releases/fantasy-sports-startup-ownersbox-announces-oversubscription-of-seed-funding-round-301088213.html

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Bhushan Tambe

A qualified computer graduate, Bhushan Tambe always nurtured a passion for words. Post his education, he decided to transform his penchant of penning down poetry and stories into a full-time career. Presently, Bhushan writes numerous articles for cuereport.com and a few other websites, on subjects spanning business, finance, and the like.