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Home Venture Capital/Private Equity (VC/PE)

Fantasy Sports App, Sleeper Raises $40 Million Series C and Doubles User Base in 2021

by admin

September 21, 2021

in Venture Capital/Private Equity (VC/PE)

Sleeper Fantasy Sports App Series C 40 Million VC Spotlight Growth

Sleeper is a fantasy sports app with a focus on bringing people together through sports and gaming. Covering various fantasy leagues like the NBA, NFL, League of Legends, college basketball, and more, Sleeper has become the quickest organically growing fantasy platform worldwide. This United Stated based fantasy sports company recently raised a whopping $40 million in a Series C funding round to expand its platform.

The funding round was led by Andreessen Horowitz, one of the largest venture capitalist firms. Additionally, all the major existing investors of Sleeper company participated in the funding round, reflecting their trust in the startup’s mission.

Considered one of the fastest-growing fantasy sports startups in the USA, Sleeper has taken the fantasy sports world by storm. The startup earned some of the highest levels of engagement per user in the industry. Founded in 2018, the startup has doubled its user base to over 3 million active users while being one of the top 50 retention ranking apps in the app store in 2021.

With the funding, the company aims to expand its gaming offerings. Also, they will develop a new Wallet feature that will allow the users to sync their preferred mode of payment with the app. Sleeper expects to nurture its organic growth and expand access to new users.

The CEO of Sleeper, Nan Wang, said, “Since the launch of the Sleeper app, our mission was to bring people together through sports, and that is what we are seeing happening in our app. Additionally, when any product/service doubles its user base, the engagement usually goes down. But this hasn’t happened with Sleeper. We have exceeded our growth expectations this year, and the engagement has soared up. Sleeper is more than just a fantasy sports app, it is a place to hang out with your friends building personal connections and memories, and it is for this reason that our users remain active and return for more.”