A new venture focused on online gaming opportunities, Bettor Capital, announced the closing of its first fund, raising more than $50 million in investor money.
Initial Fund Closing
The funds will go towards early-stage opportunities in software and technology related to online gambling markets, including sports betting, horse racing, fantasy sport, online casino and poker games, with a primary focus on markets in North America.
Founded last year by FanDuel and Barstool Sports veteran David VanEgmond, Bettor Capital is now welcoming seasoned software and fintech investor Jake Kleiner, also a former investment professional at Vista Equity Partners and investing practice lead at US Bank.
Excited to successfully close the fund =raising, David VanEgmond pointed to the rapid expansion of online gaming in North America across all verticals, implying the industry need for appropriate support in terms of expertise and technology. “Our industry network and domain knowledge combined with software investing experience allows us to support entrepreneurs in a compelling and differentiated manner as they grow in this sector,” explained VanEgmond. “We look forward to building on and continuing our practice of partnering with leading technology businesses that offer unique, sustainable, mission-critical software solutions to this high growth market.”
Bettor Capital will be prioritizing B2B opportunities in software and technology that powers online gaming, VanEgmond outlined, and the fund will continue to raise investor capital funds in the next few months until it reaches the final goal of $120 million.
A group of Fund Advisors was established to provide Bettor Capital, its partners and portfolio of investments with strategic support and operational expertise, including legal and regulatory compliance, brand and marketing, strategy executive development and others.
The founder of iGaming Capital, Melissa Blau, the former SVP of Global Brand & Consumer Marketing at the NFL, Julie Haddon, co-owner of Major League Soccer DC United and Championship Swansea City and co-founder of Oaktree Capital Management, Steve Kaplan, former EVP and General Counsel at Penn National Gaming Carl Sottosanti and private investor and advisor Carl Vogel were appointed as Fund Advisors.
Bettor Capital investment partner Jake Kleiner pointed to the level of expertise Melissa, Julie, Steve, Carl and Carl “have already brought and will continue to bring to augment the capabilities of our investment platform.”
“The knowledge, focus, and subject matter expertise that these individuals bring to the table is unparalleled in their respective fields and we could not be more excited to have each of them on board as Advisors for Bettor Capital.” Jake Kleiner, Investment Partner, Bettor Capital
“We’re honored to be working with this extraordinary team to help scale the technology businesses that are innovating how consumers will experience these exciting new betting products,” said Haddon, expressing her excitement at the opportunity to join the team and “impact the growing development of tech infrastructure” behind startups in the online gaming space.