PredictionStrike, a New York-based provider of a marketplace on which users can trade shares of their favorite athletes, raised $3M in Seed funding.
The round was led by MaC Venture Capital, with participation from Sixty8 Capital and multiple angel investors.
The company intends to use the funds to add product features that will be housed under its premium membership offering.
Led by CEO Deven Hurt, PredictionStrike provides fans with a marketplace to invest in and engage with their favorite athletes by trading virtual shares of them 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 stocks move based on two factors:
1) Real world performance: If an athlete performs better than projected, the stock price goes up.
2) User demand: If other users are buying up shares of an athlete, the stock price goes up.
Coinciding with the start of the NFL season, PredictionStrike announced its premium membership. New features focus on social engagement—including friends, leaderboards, and a reward-based referral program, on top of the advanced trading features that users have been desiring. Ahead of the World Cup, soccer players will be added to the platform, followed by athletes in women’s basketball, tennis, and golf.
FinSMEs
05/10/2022