Slips raises $3.5M Series Seed for peer-to-peer betting

Los Angeles-based Slips has raised $3.5 million in a Series Seed round. The startup wants to grow its peer-to-peer betting platform and expand into real-world venues.

Funding details: $3.5 million (Seed)

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Los Angeles-based Slips has raised $3.5 million in a Series Seed round as it pushes deeper into peer-to-peer betting. The company says demand is rising for social betting that does not rely on a traditional sportsbook.

The round was led by Las Olas Capital and Sunset Bay Capital. Angel investor Andrew Schwartzberg, co-owner of the Charlotte Hornets and Leeds United, also joined the round, along with other backers.

Slips runs a betting platform where users play against each other instead of a house. Bets are matched between players, so one side always wins. The company offers products like one-on-one bets, pools, group formats, and prediction markets created inside the app.

Founder and CEO Jess Richman said the idea came from wanting betting to feel more open and social. He said players like knowing they are competing with real people and not fixed odds.

The company says usage has grown more than five times year-on-year. Richman added that many users do not return to traditional betting once they try the peer-to-peer model.

Slips is also moving betting into physical spaces. Users can place bets inside bars, stadiums, and private clubs. The platform also supports local sports groups such as pickleball, padel, and golf communities. Players at the same venue can see who is active, place bets, and cash out within the app.

The new funding will be used to build product features, hire across engineering and growth, and bring in more users across the US. The company recently added ACH payouts, which it says helped drive a sharp jump in paid memberships.

Co-founder and CTO Gurminder Singh said the money will help the team move faster on payments, infrastructure, and real-world use cases.

The news was first reported by PRNewswire.