A start-up backed by sports stars Nick Kyrgios, Steve Smith and Naomi Osaka has lost a co-founder and several staff, now being written down to $0 by its largest investor.
According to the Australian Financial Review, the start-up, “One Future Football”, is based on the popular “fantasy football” leagues that fans create based on real soccer competitions.
Founded last year, the business does not rely on gambling, but on selling merchandise, commercial partnerships, and “player cards.”
The company laid off staff and co-founder Rohit Bhargava who chose to focus on his podcast and investing, having a negative impact on the growth of the start-up.
Industry sources, who spoke anonymously to preserve relationships, said Blackbird Ventures, which led One Future Football’s $3 million seed round last year, had recently valued its stake as $0.
A Blackbird spokeswoman declined to comment directly on the valuation but said the start-up was “at the beginning of its journey” and had “many fresh ideas around how fans engage with sport.”
One Future Football, now led solo by co-founder Peter Davis, did not respond to requests for comment. Kyrgios, Smith and Osaka’s representatives were contacted for comment.
Source: Australian Financial Review
