PredictionStrike, a NYC-based performance-based sports platform where fans can buy and sell virtual shares of professional athletes as if they were stocks, raised $1.7m in funding.
Backers included MaC Venture Capital and New Age Capital.
The company intends to use the funds to expand their team, further build out their technology, and increase their marketing efforts to bring in new users.
Co-founded by Deven Hurt and Brad Chabra, PredictionStrike is a platform on which users can trade virtual shares of athletes as if they were stocks. The platform operates like a real stock market and allows users to buy/sell shares, build portfolios, and operate in a live market using real money. Share prices are determined by a player’s real-world performance, where each game/match acts like an earnings report, as well as the fans’ demand for those shares.
The company also plans to leverage the platform’s data analytics to help athletes and everyone in the business of sports make more intelligent business decisions. This can provide intelligence about how popular athletes are and where they are popular down to the individual level, in real time. This will be crucial information for athletes, agents, sports retailers, ticket sellers, and anyone who wants to use fan analytics in their decision making.
Since the return of sports after the 2020 COVID-19 hiatus, PredictionStrike has completed over $3M in transactions.