Venture capital firm Sharp Alpha has closed a new $150 million fund aimed at investing in online entertainment, gaming, and sports ventures over the next two years.
The Sharp Alpha UA Fund will provide non-dilutive capital to fast-growing companies, helping them accelerate customer acquisition without giving up ownership or restrictive debt terms. The fund plans to make investments between $4 million and $30 million, with potential for larger commitments once partnerships are established.
“Unlike traditional equity or venture debt, cohort-based financing aligns capital deployment directly with customer acquisition outcomes,” said Lloyd Danzig, Sharp Alpha’s managing partner. “This approach preserves ownership, avoids restrictive covenants, and scales with company growth.”
Targeting Profitable, Growth-Stage Firms
Based in New York, Sharp Alpha didn’t disclose specific investment targets but indicated it will focus on profitable or near-profitable companies generating $10 million to $100 million in annual revenue. These firms are often seeking alternative financing models to fuel expansion, finding Sharp Alpha’s terms more flexible than traditional lending.
Danzig noted that the UA Fund—Sharp Alpha’s third investment vehicle—garnered strong demand from existing limited partners. He added that cohort-based financing is gaining traction as venture capitalists look for better liquidity and returns after years of sluggish cash distributions.
Proven Track Record
Sharp Alpha has previously invested in Players’ Lounge, GridRival, PickUp, and Prophet, with ongoing stakes in Triumph Arcade, Courtyard.io, Poolhouse, and Jackpot.com.
Founded by Akshay Khanna, Roi More, Yariv Ron, and Christopher Brown, Jackpot.com operates in multiple U.S. states, including New York, Texas, and Massachusetts, and could benefit from expanding online lottery legalization. The company has already raised $42 million from various investors.
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