SoBet, a sports betting creator platform, has announced the successful completion of a US$3.7 million seed funding round. Spearheaded by Third Kind Venture Capital and backed by prominent investors in the gaming sphere, including professional team owners and industry executives, this investment underscores the escalating interest in creator-led sports coverage and its potential to revolutionize the traditional sports media landscape.
The timing of this substantial investment is pivotal for SoBet, coinciding with the launch of its mobile app at the onset of the 2023 football season. With a focus on fortifying its growth trajectory, SoBet intends to allocate the funds towards innovative marketing initiatives and talent acquisition, particularly in product development, UX design, and growth marketing.
Driven by a mission to reshape the sports media arena, SoBet’s platform harnesses content from over 50 independent creators to foster transparency, community building, and fan engagement amid a fragmented media landscape. With nearly 5,000 posts disseminated monthly, spanning from comprehensive game analyses to entertainment-oriented content, SoBet reaches an expansive audience exceeding 10 million, providing easily digestible betting insights.
The investment signifies investor confidence in SoBet’s capacity to cultivate a more diverse and autonomous sports media environment, benefiting both brands and creators. By adeptly targeting younger demographics online and delivering contemporary and interactive fan experiences, SoBet aims to reshape the industry landscape fundamentally. Since its establishment in June 2022, SoBet has amassed tens of thousands of paying customers, empowered over 75 independent creators to monetize their communities, and garnered daily engagement from thousands of users. Boasting multiple revenue streams, including partnerships with professional sports leagues, the company has swiftly surged to over $1 million in annual revenue, with ongoing exponential monthly growth.
“By changing the way next-gen fans fundamentally engage with sports betting, SoBet aims to become a sustainable platform that will condition healthier habits, allow users to monetize their expert insights, and simultaneously provide a top-tier entertainment experience that cannot be replicated,” says Cooper Lycan, Founder & CEO. “Our goal is to become the one-stop shop for sports coverage, analysis, and entertainment. This investment round puts us on track to consolidate all these crucial aspects of the betting world under one umbrella.”
