Tech

Within months of pre-seeding $1 million, Better Opinions is now getting $2.5 million from Metaplanet, other

“Better Opinions”, a rather unique startup that allows users to exchange their opinions on events in various categories, has now landed a $2.5 million seed round from Metaplanet VC and Goldwater Capital. This comes just months after he had previously raised $1 million in a pre-seed round. Better Opinions is also supported by YCombinator.

Better Opinions seeks to exploit the potential potential of the prediction market. Its app allows users to trade opinions with real money on events in various categories such as cricket, cryptocurrency, politics, and entertainment. Prediction markets are a relatively new asset class where users can trade on unknown future events and earn money.

Since its launch, Better Opinions has moved from continuous dual auctions, where users can trade on yes/no results, to polls, where users can choose from multiple trading options. Better Opinions also plans to add a social layer to trading, to make trading more accessible, fun and educational. As for traction, Better Opinions claims to have over 600,000 users, with coverage of over 14,000 events.

Funds raised will be used to build and grow the product and technical team, towards marketing and user growth. Soumyajit Das, Co-Founder CTO, says, “Some of our investors’ portfolio companies include The Boring Company, TikTok, Reddit, and Binance. It is heartening to see such investors believe in our product and our team. The funding will also contribute to our technology and infrastructure scaling plans.

Apparently, Facebook’s meta mom, who has now seen the whole enterprise around Metaverse, is also considering an investment in Better Opinions. TechCrunch reports that Meta could invest part of a possible $3 million round in the prediction app. The only two investments Meta has made in the Indian startup sector so far include social commerce platform Meesho in 2019 and edtech company Unacademy a year later.

“Our aim is to make the app inclusive for everyone. Unfortunately, the exchange can be very technical and opaque and therefore not always accessible to everyone. However, when we start to allow trading in categories such as cricket, politics and entertainment, not only are we making commerce more accessible, but we are also helping to improve their financial literacy,” co-founder Samay Jain said in a statement.

The startup tasted success quite early in its tenure. Jain said he has already amassed 600,000 users who have traded over $1.25 million on the platform. The Real Money Gaming app launched by the startup in December last year was also a huge hit – it saw 1.5 lakh signups within a month of its launch.

It raised, in its pre-seed round in February 2022, over $1 million in a pre-seed round from Y Combinator, Java Capital, Soma Capital and angel investors such as Kumar.

Within months of pre-seeding $1 million, Better Opinions is now getting $2.5 million from Metaplanet, other

Source link Within months of pre-seeding $1 million, Better Opinions is now getting $2.5 million from Metaplanet, other

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