Daily fantasy sports operator Boom Fantasy has announced a $2 million seed round, shaking up an industry that has pressed pause on expansion over to regulatory woes.
The new investment round was led by Founders Fund’s FF Angel with participation from other sports executives and owners from ESPN and an MLB team, the company said. Cyan Banister, a partner at Founders Fund who has investments in Uber and SpaceX, led the Boom Fantasy investment.
The New York-based start-up, which offers the DFS equivalent of in-play betting, as it allows players to compete in contests with windows as short as 10 minutes.
Founded by Steve Murphy and Assaf Einat, Boom Fantasy essentially offers a series of prop wagers–between seven and 50, depending on the tournament format–on various aspects of live sports events. Wager correctly on more questions than your opponents and boom goes your dynamite. The real-money product is live in 12 U.S. states, while the play-money version is accessible in all 50 states.