SiGMA Interview with Funtasy Team Startup
Funtasy Team shares with SiGMA their unique approach, accomplishments and future plans
Funtasy Team is a B2B skill games company, which is going to participate in SiGMA17 Startup Pitch. Funtasy Team specialises in making daily fantasy sports accessible to a wider audience. Founded in 2017, the company’s unique approach and high tech platform will help partners make the most out of the booming DFS market.
What is your company’s unique differentiating idea?
What makes Funtasy Team unique is the focus on attracting players, who would be interested in creating their team in daily fantasy, but are put off by the complex skill games currently on the market. We offer a clean, smooth, straightforward experience for customers whilst keeping the skill based element of fantasy sports at heart. Our unique approach will result in a shorter learning curve for novice users whilst keeping an immersive experience for more proficient players. A similar attitude will be applied when dealing with potential business partners, offering a seamless, customizable product which can scale-up to the business needs.
What differentiates you from your competitors? Specifically, what do you provide that is currently not available in the market or how do you differ from your competitors?
We differ from our competitors by focusing on making team-based skill games accessible to a larger segment of the gaming population. More specifically novice DFS (daily fantasy sports) users who find the traditional drafting process to be a daunting experience. Our unique approach will result in partners benefitting from a better conversion rate for this new revenue stream.
Whilst our closest competitor’s main concern is big data, our focus is on using specific user data to increase playability and enhance the user experience. Our company will also offer a level of customizability to third parties which will enable a seamless user journey.
What is your revenue model?
Partners will be expected to pay a monthly subscription fee together with a percentage on every game entry fee. The monthly subscription fee and percentage will be negotiable on a case by case basis. The high level assumptions include one or more partners on board together with an expected number of players per client.
In order to compete, players pay an entry fee to participate in a daily match with the chance to win a prize pool which increases proportionally with the number of players. The prize pool is calculated by subtracting a fixed percentage from the total entry fees. This percentage covers management fees and operator income.
Players joining from different partners will be able to compete against each other seamlessly and as a consequence result in larger prize pools being awarded. This revenue model will ensure that running costs will be absorbed even if traction is low in the initial stages.
What milestones or tangible traction have you achieved to date?
We will be launching a free-to-play alpha version in Fall 2017, which will help to test and improve our product. Work is currently underway on various sectors with some critical components already in place. Depending on the outcome of the pilot, a more feature complete release will be expected in Q4 2017.
Please explain your objectives for participating in SIGMA Pitch Event.
Our objectives for participating include first of all the opportunity for funding, attracting potential partners, constructive criticism, insights from industry experts and networking opportunities.
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