EdjSports Completes Series A Fundraise
By Stefan Kwiecinski
This article originally appeared on Louisville Business First and can be found here.
Louisville’s EdjSports has raised a big chunk of cash despite the challenges of the ongoing Covid-19 pandemic
The sports-based subsidiary of EdjAnalytics LLC has closed its Series A funding round, bringing in more than $5 million with the aid of numerous Kentucky investors.
Disclosed investors for the round include affiliates of Venture First, ARGI Financial Group, Bluegrass Angels, Cascade Seed Fund, Commonwealth Seed Capital, Kentucky Science and Technology Corp., Render Capital and Thornton Capital. There were also several undisclosed angel investors.
EdjSports aims to help coaches and teams make better calls through predictive models and custom software. It takes away the subjectivity and instead focuses on the likelihood that a play will lead to a win.
The company's model, which is tweaked and updated on a yearly basis, has been most widely known for its work with the National Football League and, more specifically, the Philadelphia Eagles. EdjSports tested the same model in 50 high school football teams nationwide this season.
EdjSports also offers intelligence and insights for NCAA football and basketball, the NBA, the NHL, MLB and numerous international and domestic soccer leagues. The company said in a news release that it plans to add products for the United Soccer League, where Louisville City Football Club plays, alongside tennis by year's end. Golf and NASCAR will be added in 2021.
Consumer subscription platform
EdjSports CEO Sean O’Leary said the new funding will be used to enhance its offerings for professional and college athletics, but it will also assist in the amplification and marketing of EdjSports’ new consumer subscription platform. That platform targets data-driven bettors, fantasy players and fans.
The consumer platform’s tools includes Game-Winning Chance (focused on win probability), Game-Winning Margin (focused on spread) and Game-Total Points (over/under), as well as daily rankings and adjustable power indices.
“At EdjSports, we believe intelligence wins. We deliver smarter sports content, complex algorithms, and data science into digestible applications for teams, media, bettors, fantasy players, and fans across multiple sports around the globe,” O’Leary said. “We are excited about the opportunities this funding will provide EdjSports in our ability to enhance our consumer experiences and leverage emerging tech and new partners.”
Furthermore, O’Leary said the funding will assist in an aggressive merger and acquisition strategy to add cutting-edge technologies and companies that support EdjSports’ focus. The company previously acquired Football Outsiders in 2018 and launched a partnership with Massey Ratings last year. “
"We want to be the one-stop shop for the best tools for fans, teams and bettors,” he said.
The fundraising stands out as many companies are struggling to make ends meet even as major sports were put on hold for several months amid the pandemic. Several professional sports leagues, such as MLB and the NBA, have since returned to action, and O’Leary said there is significant interest around European soccer and other sports right now.
“It’s the validation of the importance of what we bring to the table.” O’Leary said of the funding.
To show its appreciation for reaching its fundraising goal, EdjSports is offering a "ThankYouKY” 50% off code that is good for both its website and the Football Outsiders website.
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