Fungiball, a fantasy tennis platform, announced a €2.2 million pre-seed funding round, by a combination of private business angels including Adrien Dassault and Stephan Altmuller, with additional support from Cliff Capital and BPI France. The funds will be used to grow the tech team to scale the platform and enhance user experience, develop new features, including free-to-play modes and fiat payment options, and kick off Fungiball’s international expansion, starting with a focus on North America.
“We’re just getting started,” said Fungiball Co-Founder and CEO Jean Matias. “Our vision is to become the leading digital tennis platform, offering everything from gameplay and fan engagement to content consumption, and a new revenue stream for professional tennis players. Today’s round will help us sustain our growth, accelerate our geographic expansion, and build out the team.”
Leveraging cutting-edge technology, licensing partnerships with top athletes and sports organizations, and an innovative gameplay model, Fungiball is transforming the way fans engage with tennis, and providing new revenue streams for players. Since its official launch in January 2024, Fungiball has attracted over 5,000 registered users. The platform has rapidly built a dedicated community of tennis fans and fantasy sports enthusiasts and is poised to capture an even broader audience in the coming months. The global tennis industry is valued at over $6bn, and the tennis equipment market is set to reach $7.5 billion by 2025.
Fungiball’s revenue model is built around the sale of player cards via auctions, and a secondary trading market where users can exchange cards. This model not only creates additional revenue streams for the company but also provides a unique way for tennis players to benefit financially from their involvement in the platform. Fungiball’s unique approach to blending technology with the world of tennis, alongside their ambitious vision for revolutionizing the sport, positions them at the forefront of Sportstech.
In a major coup, Fungiball is also thrilled to welcome two tennis superstars, Daniil Medvedev and Alexander Zverev, as official ambassadors. Their involvement will play a pivotal role in elevating the platform’s global profile and legitimacy within the sports world, ensuring Fungiball’s continued growth and success. Their decision to partner with the platform underscores Fungiball’s commitment to revolutionizing tennis and supporting players at all levels.
“I’m really excited to endorse Fungiball”, shared professional tennis player Daniil Medvedev. “I love the concept behind the platform, which brings a fresh energy and innovation to tennis and also offers young tennis players an opportunity to earn additional revenues with this model.”
Both Medvedev and Zverev were drawn to Fungiball’s mission to modernize tennis and create additional revenue streams for players. They will play a key role in driving awareness and growth for the platform.
“Daniil Medvedev and Alexander Zverev bring tremendous value to Fungiball,” commented Fungiball’s CEO Matias. “They’re not just lending their names—they’re deeply involved in helping us shape the future of the sport. Their endorsement gives us unparalleled credibility in the tennis world and helps us build important relationships with tournaments and brands.”
Fungiball has big plans for the future, led by Fungiball’s CTO Romain Boudré. The platform is in advanced discussions with major tennis organizations. On the product side, Fungiball is gearing up to launch new competitions with larger prize pools to reward its growing community. Free-to-play modes and Stripe payments will also make it easier for new users to join and participate, regardless of their geographic location. Further down the line, Fungiball wants to create an authentic experience for fans, from in person meetings with their tennis idols, to VIP seats at tennis tournaments, ultimately blending the digital and real world experience.
The platform recently entered a groundbreaking multi-year partnership with Winners Alliance, the commercial affiliate of the Professional Tennis Players Association (PTPA), securing the rights to feature the names, images and likenesses of over 300 top tennis players. In exchange for their rights, featured players benefit from incremental revenue-generating opportunities and increased visibility and fan engagement. Fungiball also closed a partnership with France’s iconic Le Coq Sportif sports retailer in May of this year.
Read the orginal article: https://www.eu-startups.com/2024/10/paris-based-fungiball-secures-e2-2-million-to-grow-and-scale-its-fantasy-tennis-platform/
