Boom Fantasy announced today that it has closed a $4.5 million round of financing to make its mark on the U.S. sports betting industry. With the financing, Boom will expand its development team, pursue strategic partnerships, and develop sports betting intellectual property and patented gameplay.
The announcement comes in conjunction with the launch of Boom Streaks, a patent-pending new gameplay that Boom Fantasy believes will revolutionize the fantasy sports industry.
"Last month's Supreme Court ruling was obviously welcome news for Boom Fantasy, as we had all the critical pieces in place to pursue this massive market. We have a great core team, a rigorous and focused approach to developing entertaining and profitable gameplay, and a real-money gaming platform that is live in 35 U.S. states," said Stephen A. Murphy, CEO of Boom Fantasy. "Now, we have set our eyes squarely focused on the U.S. sports betting market with a resolve to create incredible, differentiated, and fun products for sports fans across the country."
Boom Fantasy launched in 2015 and was one of the few fantasy sports platforms to grow in recent years, as market leaders FanDuel and DraftKings and other salary-cap style sites struggled to retain users. Boom has been one of the leading innovators in the industry, becoming the first major fantasy sports company to launch pick'em contests, progressive jackpots, in-game betting, and specialized offerings, like a fantasy contest for the Nathan's 4th of July Hot Dog Eating Contest.
This month, the company also launched Boom Streaks, a new real-money fantasy sports game where players only need to answer one question at a time – such as 'Who will throw for more touchdowns: Tom Brady or Aaron Rodgers?'. If a player wins, she moves on to the next step. Answer eight straight questions correctly and you can 10,000x your buy-in. The patent-pending format also allows players to sell their active streaks to other players on the platform at any time in a dynamic marketplace.
"Innovation will be essential in the sports betting market," said Murphy. "We look forward to debuting many more fan-friendly formats in the coming months."
The round was led by defy.vc and ZhenFund, with participation by several premier angel investors from leading sports and media organizations.
ABOUT BOOM FANTASY
Boom Fantasy is the leading innovator in the U.S. sports betting market. With popular progressive jackpots, the company gives fans the opportunity to turn a couple dollars into $1 million on any given day. Boom Fantasy has raised $8 million in venture funding, and is headquartered in New York City.
