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Sharp Alpha closes $25m venture capital fund

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Sharp Alpha announced that Fund II (a $25m venture capital fund) was closed due to its oversubscription.

Fund II invests into emerging gaming, sports and entertainment companies. Fund II has made investments in Almost Friday Media Jackpot.com, and Betcha. Fund II’s first investment was C15 Studio which distributes Formula 1 streaming.

Fund is backed by several financial institutions and professional sports teams in the US. The fund aims to make seed investments between $1m and $2m. Sharp Alpha has also added more dealmakers to its team, in addition to exceeding the total fund amount of $25m.

Sharp Alpha also owns a co-investment fund that allows a selected number of partners the opportunity to contribute more capital in certain transactions alongside the Sharp Alpha Fund.

Sharp Alpha portfolio includes Future Anthem (also known as SlamBall), SnapOdds, and SnapOdds.

Fund I raises $10m in total

Lloyd Danzig said early-stage businesses are best suited for a certain amount of innovation.

He said that the entertainment industry is rapidly growing, but also in desperate need of innovation. Early-stage firms are well positioned to provide this. We are now entering the best period for investing in great founders since the past 15 years.

Fund I will close in October 2021, and it raised $10 million for new betting technologies. When it was first announced, the fund had already provided funding to Players’ Lounge PickUp, and Prophet. Prophet was launched as New Jersey’s first sports betting exchange regulated by the US shortly after its investment.

Sharp Alpha’s advisory board includes a variety of financial and industry heavyweights. Keith Horn is the founder of Loring Capital Advisors and former head of leveraged financing at Merrill Lynch and former COO for Elliot Management. Emanuel Pearlman was the former chairman of Empire Resorts.

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