alarm:clock

Games - Wednesday, November 9, 2005

Protrade Raises Enough For a SuperBowl Ad

ProTrade Sports is way past cool. The San Mateo, CA-based operator of a statistics-focused sports website is in the news because it has just raised $10.13M in Series B funding from Radar Partners, NCD Partners, Deerwood Associates and Maverick Sports Ventures. On the board is ex-SF 49er Brent Jones and Kleiner Perkins Partner Kevin Compton.

But what makes it cool is that it has issued a manifesto. When's the last time you saw a tech startup issue a manifesto? Moreover, one of its founders, and its head of research - Jeff Ma - was the protagonist in the bestselling book - Bringing Down the House - about a group of MIT smarties who broke-down Vegas.

If you are not familiar with it, the company has developed a stock market for athletes. Teams are known as investment portfolios and the real-life athletes get their own ticker symbols. Manning's symbol is PMANN. Traders will be allowed to create their own competitive leagues and set their own entry fees, with a $5 minimum per entrant.

ProTrade will hold all the entry fees in escrow and then distribute jackpots, minus a 2% to 3% commission, to league participants who generate the best investment return. ProTrade hopes to make money from those commissions and advertising on the site.

Granted, Protrade is nothing new. Its the same idea as the Hollywood Stock Exchange. But still, we like their style.