Social media giant, Meta, is set to invest in Better Opinions, an event trading start-up. It will mark the Facebook-owned tech major’s third start-up investment in the South Asian market—in 2019, it invested in social commerce Meesho, and a year later, it backed edtech Unacademy.
TechCrunch reported that deliberations are currently underway for this deal where Better Opinions plans to raise up to $3 million at a valuation below $25 million. Meta did not respond to the media platform’s request for comment.
Gurgaon-based Better Opinions was founded by Samay Jain and Soumyajit Das, who are former employees of Gojek, a technology company based in Indonesia. An early-stage start-up, Better Opinions functions as an event trading platform where users can trade their opinions on events in various categories, including sports, finance, and entertainment. Acting as a stock market exchange of views, it allows them to trade on events while matching them with a person with a complimentary trade.
With events trading emerging as a new asset class globally, Better Opinions is targeting Rs 1 crore monthly GMV in Q2 and 1 million users in Q4. In December 2021, the company launched its Real Money Gaming app and claimed to have received 1.5 lakh sign-ups within a month.
In February 2022, the start-up had raised over $1 million in a pre-seed round from Y Combinator, Java Capital, Soma Capital, and angels, including Mayank Kumar, Co-founder, UpGrad, Sudhanshu Raheja, Head of Product and Engineering, GoTo Financials (Gojek-Tokopedia), Pratyush Prasanna, SVP, Gojek, Chinmaya Sharma, Chief Commercial Officer Namshi and the Ranadive Family, Co-owners of Sacramento Kings.
