How much has Underdog Fantasy raised?
Underdog Fantasy has More than $135M disclosed, with latest valuation/status listed as $1.23B valuation in 2025 Series C. The important read is not just the headline number but what the money is meant to fund: product depth, enterprise readiness, hiring, and market expansion.
- Total raised
- More than $135M disclosed
- Disclosed rounds
- 4 major disclosed/reported events
- Latest round
- Regulated-state expansion
- Latest valuation
- $1.23B valuation in 2025 Series C
- First raised
- 2020
- Notable backer
- Capital was directed toward people, product, licensed sports betting, and state expansion
Underdog Fantasy's funding rounds
Underdog Fantasy's capital history shows how investor appetite has tracked product-market pull and category timing.
- 2020Company launch / early seedUnderdog launched after Jeremy Levine's prior fantasy sports exit.
- July 2022Series B — $35M at $485M valuationRound included funds managed by BlackRock and Acies Investment.
- March 2025Series C — $100M at $1.23B valuationSpark Capital led the round, described as a record sports-gaming venture investment.
- 2025-2026Regulated-state expansionCapital was directed toward people, product, licensed sports betting, and state expansion.
Sources:Underdog Series C announcementUnderdog 2022 Series B
How much has Underdog Fantasy raised in total?
Underdog Fantasy has More than $135M disclosed. The profile separates confirmed company announcements from third-party private-market estimates when the company has not disclosed a full cap table or valuation.
Who are Underdog Fantasy's investors?
The named investors and round leads are captured in the funding timeline above. For undisclosed rounds, use the latest public investor names as directional signals rather than assuming every prior backer participated pro rata.
Why did the valuation move?
The valuation moved with the company's category momentum, scale, and investor demand. Where the latest valuation is undisclosed, the absence of a mark matters: sellers should anchor on operating scale and budget signals rather than a guessed number.
Is Underdog Fantasy profitable, and will it IPO?
Underdog Fantasy has not publicly provided enough information to make a profitability call unless noted in the sources. There is no announced IPO date, so IPO timing should be treated as speculative.
What does Underdog Fantasy's funding mean if you sell into them?
Recent financing usually creates budget for leadership hiring, security, compliance, infrastructure, data, finance systems, recruiting, and enterprise go-to-market. The best outreach angle is tied to the round's stated use of proceeds and the operational bottlenecks created by rapid growth.
As of June 2026.Sources:Underdog Series C announcementUnderdog 2022 Series BMasters of Scale Jeremy Levine profileUnderdog careers
Underdog Fantasy — frequently asked questions
