Phythian’s SportsHub Is Raising $10 Million

SportsHub Games Network, aka SportsHub Technologies, is seeking $10m in equity funding with $2.7m secured according to a SEC filing.

The company was formed in 2015 by seasoned sportstech entrepreneur Rob Phythian who has a history of starting, scaling, and selling.   SportsHub is a holding company that represents interests in a “network” as it’s aptly called now, which all revolve around around fantasy sports.

Various brands and technologies — including partner Paul Charchian‘s LeagueSage and FanBall — are part of the master plan for SportsHub, which is lining up in the market as an alternative to billion dollar behemoths like FanDuel and DraftKings.

“We’re harvesting an accretive layer of revenue with zero customer acquisition cost by marketing to all our acquired season long customers and encouraging them to play more and win more – that’s our long game,” Phythian said in an interview earlier this year.

And there’s no doubt that the recent sports betting deregulation fits into that game, some how, some way.

The ~40 person company is centered within the T3 Building in Minneapolis, with a handful of people distributed throughout the country as a byproduct of the various acquisitions made.   Leading into to this $10m round, SportsHub fundraised an undisclosed amount of “family and friends” capital to fuel the initial acquisition spree.

Disclosed directors on the latest document include Malt-O-Meal owner John Lettmann, Taige Thornton, Richard Perrine and Joseph Housman of Hays Companies.

Just prior to SportsHub, Phythian started, scaled and sold SportsData to international industry behemoth SportRadar which maintains US headquarters in Minneapolis.