Israeli sports tech startup, Sidelines, secured $25 million in a round of funding spearheaded by investment firms, NFX and MoreTech, the company announced on Sunday.
Founded in 2017 by former Google employees, Or Lifshitz and Rotem Haber, Sidelines serves as a “decision-support tool for sports followers” by combining machine learning technology with real-time information processing and advanced statistical analysis to update and improve the way American viewers consume sports entertainment. In other words, the company provides social sports betting experiences. The company said its platform grants users a streamlined, user-friendly, and customizable experience in ways that were previously unavailable.
The company was acquired by Israeli-founded intent marketing firm Natural Intelligence in 2019 and Natural Intelligence continues to be its main stakeholder, but Sidelines runs independently
The infusion comes after the company recorded dramatic increases in revenue and number of users compared to 2020.
Changes in US regulatory policies have also sped things up, allowing Sidelines to forge new strategic partnerships and expand. According to the company, its early arrival to the US market provided a window of opportunity to cultivate a competitive advantage among other major sport-tech companies such as MGM, DraftKings, and FOX Bet.
The company has now grown to 50 total employees spread throughout Tel Aviv, Poland, Ukraine, and the United States.
“In the last year, we’ve experienced accelerated growth in revenue, customers, and employees,” said Sidelines co-founder and CEO, Or Lifshitz. “Because of the huge potential of the US market, our new investors have taken notice of the opportunity and decided to join the Sidelines family. I’m confident that with the new partners joining us, we’ll continue to grow and trend up in the coming years.”