Chris Higgins . Business . Tuesday 30th June 2015 . 16:47
The global eSports betting site Unikrn, founded by ex-Microsoft Ventures GM Rahul Sood, has raised $7m in its Series A funding round.
The investment was led by Jonathan Teo and Justin Caldbeck of Binary Capital, early investors in Twitter, Snapchat, Instagram and multiple other successful tech startups.
This round brings total funding to $10m raised after an initial round in November of last year brought in $2.5m.
Alongside Binary Capital were owner of the Dallas Mavericks Mark Cuban, Advancit Capital, Freelands Group, 500 Startups, Indicator Ventures, Tabcorp, and other high profile investors.
The site’s mission statement is to provide safe and legal betting for competitive video game matches, a massively growing industry without any current market leader.
“Millions of people watch competitive gaming globally, we believe the industry has hit an inflection point and this is just the tip of the iceberg for where this new sport can go,” said Jonathan Teo, Binary Capital. “We fully believe in the Unikrn executive team, what they are building, and their vision of how they want to heighten people’s engagement with eSports across all mediums.”
Rahul Sood, the founder of gaming PC manufacturer Voodoo PC which was acquired by HP in 2006, spoke of a close relationship with the key investors of Binary Capital.
“Working with Jonathan and his team has been an experience to say the least,” Sood said. “They have helped us pivot at the beginning, and they always refer to us as ‘we’ even before they pulled the trigger. They’re an incredible partner with vast consumer branding and eSports experience.”