Mojo the Sports betting startup lays off 20% of staff

Mojo the Sports betting startup lays off 20% of staff

Mojo, the sports betting startup co-founded by a group including Alex Rodriguez and Marc Lore, laid off 20% of its staff yesterday. Business Insider first reported the news, which SBJ confirmed through a source. The cuts targeted consumer-facing departments.

Mojo could not be reached for comment.

Founded in 2020 and launched as a regulated sportsbook in N.J. in 2022, Mojo refers to itself as a “sports stock market,” where users can invest in athletes’ individual performance.

To date, the company has raised over $100M from institutional and angel investors, including a $75M Series A in March 2022 led by Thrive Capital. Other investors include Tiger Global, Fin Capital, Courtside Ventures, TriplePoint Capital, Morris Bailey, the NFLPA, The Chainsmokers, MANTIS Ventures, Chris Rock, Gary Vaynerchuk, Jason Derulo, Michael Kives and Jack Abraham, as well as co-founders Rodriguez, Lore and CEO Vinit Bharara. As of November 2022, the company had 95 full-time employees, according to Business Insider.

In September, Mojo launched a daily fantasy game called Mojo Fantasy in 19 states and D.C. for NFL and NCAA football, MLB, and NBA and college basketball. It released MLB, NBA and NCAA basketball products earlier in the year, adding to NFL and NCAA football.

 

Source: Sports Business Journal

Author: Bradley Bennett