YouStake gets venture capitalist backing from 500 Startups

500 Startups gives poker staking the chance to branch out into the mainstream public

Web-based poker tournament staking company ‘YouStake’ has announced this week that it has been accepted by venture capital seed fund 500 Startups for its 4-month accelerator program.

Companies that are accepted – roughly 3% of the 5,000 that apply annually – can expect to receive six figures in funding in exchange for 5% in equity. The program also provides access to world class mentorship, sessions with start-up wizards and office space shared with other accepted company founders at its base in Silicon Valley.

“At 500 Startups we find the very best start-ups no matter where they are or what industry they work in”, stated Venture Partner Tristan Pollack.

“YouStake is one such quality start-up. They are solving a real problem with the world’s best players and helping them get funding to do more of what they love.”

The likes of Anthony Zinno, Allen Kessler and 2004 World Series of Poker (WSOP) Main Event champion Greg Raymer all currently sell action packages to potential backers via YouStake, which describes its new collaboration with 500 Startups as “awesome” due to poker and technology finally joining forces.

“Sports sponsorship and staking has been around for ages”, said COO Scott Hansbury to PokerNews. “Almost every level of player needs some type of sponsorship to gain entry into events.”

“YouStake is tackling the poker industry first and there are a lot of problems within the marketplace. Most staking occurs under the table, in back rooms, through handshake deals. Others are through niche market forums where fans may not have access or players may feel discouraged to ask for support. The most common problems with these deals are the lack of transparency, security and access.”

“YouStake provides the solution by allowing fans to get involved and sweat the action. For poker, there are 100 million fans worldwide, and the market is huge in terms of tournament entries and players getting staked at all sizes of tournament buy-in. Their goal is to provide a safe and secure marketplace with full service capabilities that include access for fans and backers, collection of entry fees, communication among users, payouts of winnings, and assistance with tax forms. YouStake only operates in regulated environments, and it's their commitment to ensure all transactions are as transparent as possible."

 

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