Mobile peer-to-peer betting marketplace ZenSports has completed a busy 12-month period since the launch of its new betting app, with substantial funding now in place to help generate increased marketing activities.
The startup had generated $675,000 in funding last October as part of a broader $1m-plus seed round from the launch of the app in March 2019. In December, additional interest from potential angel investors, combined with a new funding round, helped the company close an additional $770,000 through several investors.
Co-founder and CEO Mark Thomas explained how the new funding round worked out: “After officially closing our $1m-plus seed round in October 2019, we felt more than comfortable that we had enough funding to execute on our growth strategy for 2020. However, we had numerous angel investors who approached us about putting more money into our company.
“We decided to offer a time-boxed raise without a target amount for these investors who approached us and shared our vision of how decentralised, peer-to-peer sports betting using cryptocurrencies was the future. We were fortunate to have a lot of choices in the investors we decided to ultimately bring on board, and we’re thrilled to be working with them as we continue to grow and scale ZenSports.”
Thomas added that heavily new funding will be allocated in paying consumer procurement platforms.
“Up to this point, we haven’t spent any money on paid marketing to acquire new customers,” he said. “Instead, we’ve focused on optimising the post-customer acquisition and retention funnel through constant product iteration and via our SPORTS Rewards Program.
“We’ve got incredibly loyal customers who are very active on a daily basis in placing bets in our app. It’s now time to get very aggressive in growing our overall customer base via paid marketing.”
To help achieve this, the company has hired its new Chief Marketing Officer, experienced marketer Mark Saldana. Saldana brings the technology and consumer brands a wealth of digital marketing experience and will be an integral part of the company’s revenue and growth plans.