Covington Advises Betr on $35M Preferred Stock Financing

Covington Advises Betr on $35M Preferred Stock Financing

June 28, 2023

LOS ANGELES/NEW YORK/PALO ALTO—Covington advised Betr, a leading sports betting and sports media company, on its $35 million Series A2 Preferred Stock financing, valuing the company at $300 million pre-money. The round is co-led by Roger Ehrenberg via IA Sports Ventures and Eberg Capital, and Fuel Venture Capital. Both co-founders – Joey Levy and Jake Paul – participated in the round.

Betr is a leading sports betting and sports media company through Betr Gaming and Betr Media, respectively. Betr Gaming is an online sports betting and gaming business focused on a unique product experience with a simplified UI/UX that is catered to the casual sports fan, enabling Betr to capture more of the underpenetrated online gaming addressable market. Betr Media is the fastest growing sports betting media brand in the United States.

The Covington team advising Betr on this financing included Tom DeFilipps, Mark Donig, Max Sternberg, and Caterina Benson.