ZenSports, a mobile-based peer-to-peer (P2P) sports betting marketplace app, today announced the closing of $675K in additional seed funding.
This new funding was led by Jor Law, Co-Founder of VerifyInvestor.com, which was acquired by blockchain technology company tZERO in 2018.
The round was syndicated across several notable angel investors, including Jason Calacanis’ LAUNCH accelerator, and was part of a wider, rolling close of a $1M+ round that began in February 2019. Additional investors in the round include Baldini’s Sports Book & Casino and Movoto Co-Founder, Henry Shao.
According to Law, “By leveraging peer-to-peer social concepts and blockchain technology, ZenSports improves the sports betting experience so that customers have more fun and in a more trustworthy environment than traditional bookmakers offer, all at a fraction of the cost. It’s a perfect use case of blockchain technology, and I’m excited to be part of the journey with ZenSports.”
The funds will primarily be used for marketing and customer acquisition strategies. Until now, ZenSports has built its entire customer base on word of mouth and free social channels.
A decentralized marketplace for sports betting, ZenSports users can create their own bets with their own odds and terms, or accept bets that others in the marketplace have created.
ZenSports has also created its own utility token called SPORTS based on the ICON blockchain, which customers can use for placing bets, fee discounts, cashback bonuses, and other rewards.
Since launching, ZenSports has processed over $1.5M in bets and has cleared several regulatory hurdles in order to begin scaling both internationally and in the United States.
The company also recently announced the first dividend for holders of its SPORT security token.