SoBet Raises $3.7M to Revolutionize Sports Betting

May 13, 2024 / Share:

SoBet is a unique sports media and betting platform led by Cooper Lycan, an entrepreneur known for his passion for technology and sports. Unlike typical betting platforms, SoBet focuses on delivering premium sports media content aimed at the next generation of sports enthusiasts. Its creator-driven short-form content offers high-quality sports betting insights while promoting transparency, analysis, and responsible betting.

 

Cooper Lycan, SoBet

Cooper Lycan, SoBet

 

SoBet has gained an impressive 5,500 paying users in just two years. What sets SoBet apart is its dedication to responsible betting and long-term success. Their website says,  “The books hate it because we’re responsible and here to win long-term.”

Raising capital and launching his business hasn’t been without its challenges for Lycan. Moving to Nashville in January 2022, he was determined to establish SoBet as a leader in the industry. Launching the platform in June 2022, Lycan spent the next six months leveraging all Nashville has to offer to propel SoBet forward.

That’s when he found out about Nashville Entrepreneur Center’s Capital Connection program run by Haley Zapolski. 

Through this initiative, Lycan found the support and connections he needed to navigate the complexities of fundraising. The Capital Connector played a pivotal role in SoBet’s seed round, connecting Lycan with his largest investor, a former EC board member now based in New York.

Haley Zapolski, Capital Connector shares, “I’ve had the opportunity to follow Cooper and SoBet’s journey from the earliest stages and have seen them execute their plan for traction. This made it easy to introduce them to investors and get others to believe in their vision and that they will continue down their path of excellence!”

With the support of the Nashville Entrepreneur Center and other key stakeholders, SoBet successfully raised $1.7 million in its pre-seed round followed by an additional $2 million in seed funding. This capital injection allowed Lycan to expand his team, hiring two engineers, and invest in marketing efforts to drive profitability.

Lycan’s journey underscores the growing potential of Nashville’s startup ecosystem. As he aptly puts it, “Nashville is a great place to build a business, but it hasn’t been easy.” There’s still work to be done to solidify Nashville’s reputation as a hub for innovation and investment. Lycan shared initiatives like the Nashville Entrepreneur Center and LaunchTN’s InvestTN are instrumental in supporting startups and are putting Nashville on the map for local and national investment.

Read the Business Insider article here.

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