Facebook developer gets $5.5 million cash boost
Watercooler, Inc to use new funding for fantasy sports and social games
Facebook games developer Watercooler has closed a USD 5.5 million (GBP 3.4 million) Series B funding round, led by online UK betting community Betfair and including existing investor Canaan Partners.
Watercooler's titles focus on sports and TV fans, on Facebook and other social networking sites. The company's 2009 Bracket Challenge application for college basketball attracted over 1.7 million active users.
The company intends to use the new funding to continue development of more fantasy sports and social games, following the launch of FanSection Fantasy Football 2009 on Facebook.
"At Watercooler, we've already achieved fantastic momentum in the social gaming space on Facebook, and we look forward to continuing along that path with the new investment from Betfair and Canaan," said Watercooler CEO Kevin Chou.
"Betfair's innovative approach to sports and gaming, along with its strong international presence, made the company a perfect fit as we continue to build innovative social games," he added.
"Our investment is further proof that Betfair believes the fantasy sports market is a tremendous opportunity in the US and around the world," said Gerard Cunningham, president of Betfair US.
"Watercooler's strong team and its proven ability to execute an innovative approach to social networking and sports, is extremely compelling as we continue to build Betfair's global portfolio of sports and social media offerings".