A first close of $450,000 was initiated by OverDog on its fundraising effort started last month. 56% of the $800,000 non-brokered equity offering was placed with five investors. The company will attempt to raise an additional $350,000 in funding before the end of the offering a year from now. Three previous financing rounds initiated by Overdog raised an estimated $3.9 million.
The company, previously known as ProPlayerConnect.com, develops a mobile application that connects athletes with their fans to play multiplayer games on Xbox and PlayStation during their down time. The application, launched in May 2013, is available for iOS and will soon be available for the Android operating system. Users select their favorite athletes and get notified when they send out challenges.
The company, headquartered in Nashville TN, is led by Steve Berneman (Co-founder and CEO). It was originally founded in September 2007 in Tempe AZ and relocated to Tennessee in late 2010. Overdog elected not to disclose its revenues.
The executive team includes Hunter Hillenmeyer (Co-founder and President), Amanda Donnelly (Sales and Marketing), Thomas Bernstein (Product), Kiefer Hagin (Developer, Product and mobile solutions) and Brandon Hamric (Developer, Platform and analytics solutions). The board of directors includes Eric Satz and William Guttman.
Status: First close
Industry: Other Technology
Amount offered: $800,000
Amount placed: $450,000