Underdog Secures $70M in Series C Funding Led by Spark Capital

March 27, 2025|VCI

Underdog, a prominent player in the U.S. sports gaming market, has successfully raised $70 million in the initial close of its Series C funding round, led by Spark Capital. The company, valued at $1.225 billion pre-money, anticipates the round to exceed $100 million. This investment marks a significant milestone as the largest venture capital infusion into the sports gaming sector to date.

Founded in 2020, Underdog has differentiated itself by utilizing proprietary technology, enabling rapid iteration and the creation of customized experiences for American sports fans. The company boasts nearly four million customers and ranks as the fourth most downloaded sports gaming app in the U.S. It also operates a growing media arm, producing popular sports shows.

CEO Jeremy Levine emphasized the company's commitment to rapid investment in product and personnel. Spark Capital's General Partner, Will Reed, highlighted Underdog's product-driven success and customer-centric approach as key factors in their investment decision. The funding is expected to further accelerate Underdog's product development, talent acquisition, and media presence expansion.

RightRev Secures $13 Million in Series A Funding to Enhance Revenue Management Solutions

May 4, 2025

RightRev, a company specializing in automated revenue management, has successfully closed a $13 million Series A funding round. This recent financial injection, co-led by Cheyenne Ventures and Innovius Capital, also saw participation from existing investors such as Norwest Venture Partners, Salesforce Ventures, and Snowflake Ventures. The total funding for RightRev now exceeds $31 million, reflecting strong investor confidence in its business model and market potential.

The funds will be utilized to accelerate product innovation, expand market reach, and enhance the partner ecosystem. RightRev aims to address the increasing complexity in revenue management driven by new AI-enabled business models. According to CEO Jagan Reddy, this capital will help the company double down on its mission to provide precise and intelligent solutions to revenue teams globally. The investment aligns with the company’s strategy to evolve as a core system for revenue management in AI-powered enterprises.

ChurchSpace Secures $1.2 Million in Seed Funding to Expand Community Space Initiatives

May 4, 2025

ChurchSpace, a company specializing in repurposing church properties for community use, has successfully raised $1.2 million in an oversubscribed seed funding round. The round was led by Black Ops Ventures, with contributions from Dug Song of Minor Capital and Michigan Rise. The funds will support the company’s relocation of its headquarters from Houston, Texas, to Detroit, Michigan, a move aimed at leveraging Detroit’s rich spiritual and entrepreneurial heritage to further its mission.

The funding will also help ChurchSpace in its new partnership with the City of Detroit to transform church campuses into versatile spaces for events, business hubs, and logistics centers. This initiative is expected to generate significant economic benefits, including job creation and community development. Co-CEO Emmanuel Brown emphasized the funding as a milestone that merges strategy with faith, aiming to lead community transformation through the innovative use of church spaces.

Atlas Data Storage Secures $155 Million in Seed Funding to Develop DNA-Based Data Storage Solutions

May 4, 2025

Atlas Data Storage, Inc., a South San Francisco-based tech company, has announced the closure of a substantial $155 million seed funding round. The investment will support the company’s efforts to develop and commercialize DNA-based data storage technology. This round of funding attracted contributions from several prominent investors, including ARCH Venture Partners, Deerfield Management, Bezos Expeditions, Tao Capital Partners, Rsquared VC, Earth Foundry, and In-Q-Tel. Additionally, Atlas has completed the acquisition of DNA data storage assets from Twist Bioscience, positioning it to leverage synthetic DNA’s unique properties for data storage solutions.

The company’s leadership includes industry veterans such as CEO Varun Mehta, CTO Bill Banyai, and Executive Chairman George Kadifa, who bring extensive experience from the data storage and technology sectors. Atlas aims to meet the growing demands for data storage driven by advancements in AI, offering solutions characterized by high density, security, and sustainability. According to CEO Varun Mehta, the technology promises to transform data storage by utilizing DNA’s capacity for scalability and permanence, potentially reshaping the industry’s future.

HubSync Secures Over $100 Million in Series C Funding Led by Thoma Bravo

May 4, 2025

HubSync, a prominent tax and accounting software provider, has raised over $100 million in a Series C funding round led by software investment firm Thoma Bravo. This investment aims to accelerate HubSync’s product development and customer service enhancements, supporting its ongoing growth and innovation in the tax and accounting sector. HubSync, founded in 2019, has notably achieved a 744% revenue increase from 2020 to 2024 and serves a significant portion of top U.S. CPA firms.

John McGowan, CEO of HubSync, highlighted the investment as pivotal for expanding the company’s industry reach and enhancing client value. Thoma Bravo’s Ross Devor and Dillon Biddiscombe praised HubSync’s market leadership and rapid growth, expressing confidence in the platform’s potential to transform tax and accounting practices through improved efficiencies and customer experiences. The funding is expected to further solidify HubSync’s position in the market and expand its customer base.

SETWorks Secures Strategic Investment from Polaris Growth Fund

May 1, 2025

SETWorks, a provider of software solutions for disability service agencies, has received a strategic growth investment from Polaris Growth Fund (PGF). The Kansas City-based company, established in the early 2000s, specializes in software that supports the operational and compliance needs of human services providers. This investment aims to accelerate SETWorks’ product development and expand its impact within the disability services sector.

Henri McCracken and David Lindell, co-chief executives of SETWorks, emphasized the investment will enhance their platform’s capabilities, particularly in artificial intelligence, to better serve their clients and the communities they impact. Both executives will continue in their leadership roles and join the company’s board of directors, alongside PGF representatives Bryce Youngren and Jeff Del Presto. Youngren praised SETWorks for its innovative approach to addressing the needs of resource-constrained agencies across the nation.

CND Life Sciences Secures $13.5 Million in Series A Funding to Advance Neurodiagnostic Technologies

April 30, 2025

CND Life Sciences, a Scottsdale-based medical diagnostics company, has successfully raised $13.5 million in a Series A funding round. The round was led by Labcorp and included both new and returning investors such as Cambrian Capital Partners, Tanis Ventures, and several others. This funding is aimed at supporting the growth and development of CND’s Syn-One Test®, a diagnostic tool for detecting neurodegenerative diseases through skin biopsy tissue analysis.

Richard J. Morello, CEO of CND Life Sciences, emphasized the impact of the Syn-One Test in aiding early and accurate diagnosis of diseases like Parkinson’s. The test, which has been utilized by nearly 3,000 neurologists, demonstrates a high sensitivity rate in detecting synuclein-related disorders. The recent investment will further enable CND to expand its diagnostic services and continue its collaboration with biopharmaceutical companies to enhance clinical trials for new therapies targeting neurodegenerative conditions.

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