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Beryllium, A Fantasy Sports/Trading Platform Raises US $3 Million in Pre-Series A Funding

According to a report by Forbes, Beryllium, the fantasy sports/trading platform had raised about US $60,00,00 for a seed round in November 2019. However recently it raised US $3 millions in funding of a pre-Series A round led by Bullpen. Genting Ventures of Singapore and Velo Partners of the United Kingdom also invested in the round. 

Amay Makhija, the founder of Beryllium reportedly told the media that the company was always careful about the investors they brought in. He also stated that the venture capital today had a lot of money floating around but the most important factor for Beryllium was to have strong investors that would be great partners and mentors to help the company navigate in the sector. 

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According to a report by Forbes, Makhija first thought about launching Beryllium in 2017. He saw that fantasy sports and retail trading of stocks was beginning to get more recognition in the U.S. So, he anticipated they would get bigger in Asia too. Makhija founded Beryllium with the goal of creating an app where people could play fantasy sports and participate in a trading environment based on players’ performances. 

Makhija reportedly told the media that trading had this extremely engaged, long-term user base that would almost never drop off once the users started trading. On the other hand, fantasy sports has a huge scale but it has always been difficult to keep users engaged for a long time. 

Reports stated that last year Beryllium had launched its first game which was called ‘Sixer’, focused on cricket and available only in India. It currently has more than 15,00,00 users. Not only does it offer free games but also contests for money. 

Further reports stated that Beryllium plans on using the proceeds from the latest funding round to continue to improve user experience and the app. Martino, co-founder of Bullpen Capital and fund investor of Beryllium reportedly told the media that he was attracted to Beryllium because of the data the company had shared. The duration of how long the user lasted on the Sixer app and the return rate was great. He also stated that the mechanics that Amay had figured out could be applicable to both individual and team sports across the world. The engagement numbers that Beryllium had by crossing daily fantasy sports with trading was immense.    

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