Sports data and analytics firm ALT Sports Data has announced the competition of a new funding round that has secured $2.5 million of funding from several investors.

Notable investors in the seed round include private equity groups Eberg Capital and Relay Ventures, which co-led the funding round, with other firms including Trinity West Ventures, and NuFund Venture Group also investing.

ALT Sports Data will use the funding to expand its operations in the esports betting industry, with ALT chief executive Joe Dunnigan stating: “We see a massive gap in the sports betting industry.”

Eberg Capital managing partner Roger Ehrenberg expanded, saying: “The convergence of sports betting and entertainment is a megatrend, and the ALT Sports Data team has successfully unlocked this opportunity for an array of popular but under-monetized sports.”

Ehrenberg was already a prominent investor in ALT, having strategically invested in the firm in October 2022 following the firm’s initial funding round, which secured £1.5 million of backing.

ALT Sports Data has secured 17 official league rights deals so far since its foundation in 2021, securing deals with organizations including Bare Knuckle Fighting Championship, and the MotoAmerica motorcycle racing competition to be their official betting data rights holder.

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Eberg Capital and Relay Ventures both have experience in investing in the sports and technology space.

Eberg is a prominent sports investor with stakes in the Alpine F1 motor racing team, the Miami Marlins Major League Baseball franchise, and the Real Salt Lake Major League Soccer team. It has also invested in sports data and technology firms in the past, including Gemini Sports Analytics, and collectibles firm Rally Rd.

Relay Ventures, also an investor in Rally Rd., also has some experience in the sports space through its investment in sports media firm Playmaker, among others.

Simon Sokol, Relay Ventures vice president, added: “We are excited to add ALT Sports Data to the list of portfolio companies that will help revolutionize the world of sports, sports betting, and entertainment more broadly.”

“Similar to how the internet revolution enabled individuals with seemingly niche interests to find each other, we believe the [ALT Sports Data] team will help enable incredibly passionate alternative sports fans to come together through sports betting. The size of niches continues to surprise us and we believe the world of alternative sports to be no different."