Zenith and REEDA are the lead investors behind FanLeague who launches its social sports betting app this summer, targeting football fans all over the world.
During the spring, the Swedish VC moguls Stefan Lennhammer and Tommy Jacobson joined FanLeague via their investment companies REEDA and Zenith Venture Capital. The duo has made several investments together such as for instance Truecaller and Vionlabs and see great benefits of working together.
“We are very pleased to have Stefan and Tommy aboard and to be able to take advantage of their experience both as investors and from building companies” says Christian Magnuson, COO at FanLeague.
“I’m excited to finally announce our joint investment in FanLeague together with Stefan. We have been working together for a long time and know each other well. Together, I am confident that we can contribute valuable insights and I look forward to contributing to Fan League’s success” says Tommy Jacobson.
With the vision of becoming a world leader in “Social Sports Betting” FanLeague, founded by Markus Jennemyr, Christian Magnuson, Henrik Åsén and Christian Schaffner in the fall of 2016, has already completed two successful capital rounds and attracted several renowned business angels and individuals. The funds have primarily been used to finance the development and positioning of the app prior to the August launch, in time for Premier League. While ultimately aiming for a global expansion the app is initially launched in the UK market.
The social betting experience is based on a global community of football fans where the app offers a platform for fans to interact and measure their soccer skills with each other. The core of FanLeague is a weekly set of 13 predetermined English Premier League and Championship matches where each player predicts home win, away win, or draw and compares their football expertise with their friends and colleagues. Players can set up private leagues, compete against FanLeague’s own pundits, including Sven-Göran Eriksson and journalist Iain Macintosh, or against the rest of the community and compete to win the weekly prize pool and season prize awarded to the 1,000 best players.
In addition, FanLeague introduces a further dimension of social betting whereby differentiating from the general gaming industry in its emphasis on social responsibility. For instance, a weekly deposit limit of £125 / player is applied and at the end of each season 10% of the revenue is donated to selected initiatives primarily in English youth football.
“I’m looking forward to challenging the public to beat me in English football. FanLeague is a fantastically easy and fun way to compete against your friends and colleagues, and there is a strong link to further developing the youth football” says Sven-Göran Eriksson, one of FanLeague’s ambassadors and ‘Pundits’.
“FanLeague is first and foremost a global social community for fans of English football where you can prove what you’ve always known – that you have better football skills than your family and friends! You are also rewarded by inviting others to FanLeague, especially if they know their game! Given the global popularity of English football, there is definitely an advantage of signing up early and starting to build your FanLeague ‘tree’ – invite your friends before anyone else does!
FanLeague stands for something different from the traditional betting industry. With FanLeague you will not risk to waste your savings since we have applied a limit for how much you can deposit with us per week. We also donate 10% of our turnover to youth football.” says Markus Jennemyr, CEO of FanLeague
However, it’s not just the potential of the app that has attracted interest from investors, but also the strong team with an impressive mix of expertise, experience and execution capabilities.
“I have never met a company that has been run at such a professional level from the very beginning. The team presented a very ambitious plan at the beginning of our discussions and has not yet deviated a millimetre – very impressive” says Stefan Lennhammer, who also takes the role as Chairman in FanLeague.