With the completion of Simplebet’s latest raise, Florida Funders invested a total of $2.1 million for Simplebet, of which $500,000 came from Florida Funders Fund 2 and the remainder was raised from its accredited investor network. With the new capital, Simplebet plans on accelerating its leadership position on developing the requisite technology to power micro-betting and eventually, all forms of in-play betting and fan engagement for U.S. sports.
Founded by sports industry veterans Chris Bevilacqua, Joey Levy, and Scott Marshall, Simplebet uses machine learning and automation to create micro-markets, enabling every moment of every live sporting event to become a betting opportunity. With Florida continuing to emerge as a startup ecosystem, Levy, originally from South Florida, is currently based in the state and is proactively working on accelerating the South Florida tech ecosystem.
“Florida’s startup ecosystem is full of incredible potential and we’re excited for Simplebet to be a part of it as sports betting continues to rapidly explode,” said Tom Wallace, Managing Partner at Florida Funders. “We’ve been following Simplebet since its inception and have been impressed with their trajectory. Micro-betting may ultimately be the predominant way U.S. sports fans bet on sports, so investing in the company that will be powering it was key for us.”
Simplebet’s technology uses machine learning to publish real-time prices based on historical and real-time data, while also automating all market mechanics associated with each betting market (market creation, suspension, repricing, and resulting). With each micro-market being created and producing a result in just minutes or seconds, Simplebet’s technology introduces instant gratification to the sports betting user experience.
“In speaking with investors, Florida Funders stood out as an ideal partner for us, as we heard of their accomplishments with the startup ecosystem,” said Chris Bevilacqua, Co-Founder and CEO at Simplebet. “As our partner, Florida Funders understood the challenges within the industry tied to legacy operations and the lack of new technologies. Thanks to our investors, we’re better positioned to capitalize on this and scale quickly.”
Florida Funders is constantly and actively looking to grow and add investors to their network. They have fully deployed their Fund 1 and are hard at work seeking new investment opportunities.