Company Updates

Overplay Company Update

In this company update, we look at Overplay’s new crowdfunding round on Wefunder at a $50M valuation, reflecting on the company's Shark Tank appearance and increased valuation.

Funding Round Details

Overplay logo
Company: Overplay
Security Type: SAFE
Valuation: $50,000,000
Min Investment: $250
Platform: Wefunder
Deadline: Jul 9, 2024
View Deal
  • Overplay has opened a new Wefunder round at a valuation of $50M, up 233% from its previous 2023 crowdfunding round of $15M.
  • Since this is not a priced round, no previous SAFEs are converting
  • The biggest update to report is Overplay’s appearance on Shark Tank in March 2024, where Mark Cuban invested $500,000 at a $12.5M post-money valuation.
  • Therefore, while you are technically “investing along with Mark Cuban” in this Wefunder round, you are doing so at a 300% higher valuation than Cuban paid. 
  • The company has not generated any revenue since the last crowdfunding raise.
  • The company has slightly improved its net loss to $-1.45M in 2023 from -$1.73M in 2022 (16% improvement). 
  • In terms of reasoning for the massive jump in valuation, Overplay states the following: 
    • We priced our prior round in early 2023 and closed it 7 months ago in Sept 2023. Since then, we have: launched our beta for the game maker and game player for both iOS and Android, been granted a new patent, are nearing 1.5M gameplays, have appeared on Shark Tank with Mark Cuban investing, were chosen as finalists for the SXSW Innovation Awards and will soon be announcing some very exciting pilots and partnerships. This has all been priced into the current valuation cap. In addition, a comp analysis for companies within our space (AI/Gaming/Platform) for Seed rounds showed that $50M post-money val was well within range.”
  • The company is burning $70,000 per month with just $225,000 in hand (based on February 2024 reports).
  • While the traction has been positive, particularly with the company’s appearance on Shark Tank, the valuation seems quite excessive. The company has not proven its monetization strategy and it is unclear if the advertising/licensing route will be successful.

Teddy Lyons
About: Teddy Lyons

Teddy comes to KingsCrowd with a background in venture capital and investment banking. He worked at Deutsche Bank as an Investment Banking Analyst in the Technology, Media, and Telecommunications group. Prior to that, he served as an Associate at Alchemi Capital, a venture capital firm in Boston that invests in early-stage technology companies. Teddy holds a degree in Economics and Psychology from Wesleyan University, where he was captain of the varsity soccer team. He also holds a M.S. in Finance from Boston College.

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