Jock MKT Secures $10 Million in Series A Funding to Accelerate its Growth as the Stock Market for Sports
BOSTON
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May 18, 2021 08:57 AM Eastern Daylight Time
Jock MKT (Jock Market), the sports gaming app that combines the best of daily fantasy sports and retail stock trading, announced it has raised $10 million in Series A funding. The round was led by New York-based venture capital firm Left Lane Capital, along with continued participation from existing investors, including Will Ventures and Ryan Moore, a current board member of DraftKings and Accomplice founding partner.
Founded in 2017 and launched in 2020 by Co-Founder and CEO Tyler Carlin, Jock MKT has created a new and innovative daily fantasy sports gaming format. Jock MKT is a fantasy sports gaming app where users can make real money buying and selling virtual shares of athletes. Their main differentiator is their cash market format – this unique offering gives users more flexibility and optionality versus typical daily fantasy contests. Users can join at any time and for any dollar amount. They can buy and sell shares of athletes in real-time, cash out early by selling to another user in-game or hold to the end and receive fixed Jock MKT payouts tied to final player rankings based on overall fantasy scoring. Each cash market starts with an “Initial Player Offering,” or an IPO, where users have their first opportunity to bid on shares prior to any contest.
Jock MKT’s skill-based gaming format combines the best of daily fantasy sports products with the user interface and mechanics of stock trading and retail investing apps. The result is a unique and engaging second screen game that attracts both dedicated sports fans and retail investors alike. Jock MKT officially launched with the NFL, NBA, and the PGA Tour in September of 2020, as many sports returned to their respective playing schedules amidst the pandemic. They added the NHL and MLB in 2021 at the start of each season.
“We look forward to establishing Jock MKT as the main trading platform for fantasy sports,” said Tyler Carlin, Co-Founder and CEO of Jock MKT. “This funding marks a big milestone for the team, and we’re excited to expand our product offerings to additional platforms. We’ll be looking to add more sports and features to Jock MKT, plus expand into Canada and other states in the near term.”
“Jock MKT has a unique and novel product offering relative to its daily fantasy sports peers,” said Matthew Miller from Left Lane Capital, who has joined the Jock MKT Board of Directors. “We’ve been incredibly impressed by Tyler and his team, and we look forward to taking this journey in building a next-generation sports trading platform to create stronger engagement between sports fans and teams/players.”
“We have evaluated dozens of opportunities in the daily fantasy sports and sports gaming category, and Jock MKT has proven to be an outlier in their strength of product, user engagement and growth,” said Harley Miller, Managing Partner at Left Lane Capital.
Jock MKT is well-positioned to capture evolving sports engagement trends as fans seek new ways to follow their favorite teams and players. One of the key indicators of Jock MKT’s success is the length of time spent and engagement in the app. Users spend more than 1.5 hours in the app per cash market – more than half the duration of an average NBA or NHL game – and the largest cash market to date was the 2021 Master’s Tournament.
This funding will enable Jock MKT to continue building out its innovative product offering, expand into all 44 eligible states and Canada, and hire across the entire organization to support accelerating growth.
About Jock MKT
Headquartered in Boston and launched in 2020, Jock MKT (JockMKT.com) is a skill-based fantasy gaming platform where users can make real money – every minute, every second, of every game. Inspired by a traditional stock exchange, Jock MKT allows users to buy and sell shares of athletes in real-time. Jock MKT was co-founded by Tyler Carlin and investors include Left Lane Capital, Will Ventures, Ryan Moore, Brandon Adams, Benjie Cherniak, Tim McSweeney, and Alumni Ventures Group. Available in the U.S. in 35 states, Jock MKT offers gaming options for events tied to the NFL, NBA, MLB, NHL, and PGA Tour.
About Left Lane Capital
Left Lane Capital is a New York-based 'breakout' growth equity firm that invests in high-growth internet & consumer technology companies that build long-lasting customer relationships. For more information, please visit www.leftlanecap.com.
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