Kutt 🤝

Setting the Scene

• Billions are wagered on sports betting annually, but this is merely the tip of the iceberg in the broader betting ecosystem. 

• One untapped segment is informal "social bets" among friends, covering everything from sports to politics to pop culture.

• However, these peer-to-peer bets lack:

  • Formality, as they are often made through platforms like group chats.

  • Guaranteed payment reliability, as they are facilitated through channels like Venmo.

• This week’s company offers a social betting platform, aiming to revolutionize how peer-to-peer bets are placed, tracked, and settled.

In a Sentence

Kutt is a peer-to-peer social betting platform that offers a secure and interactive way to engage in direct betting on a variety of events.

• Peer-to-peer: Facilitates direct betting interactions between users.

• Social betting: Engages users in a betting experience that also serves as a social interaction platform, enhancing community and connectivity.

• Security: Integrates advanced security protocols to safeguard user transactions and data, providing a reliable environment and efficient payment process for all betting activities.

The Basics

• Industry: Online Betting, Social Network

• Headquarters: Miami, FL

• Year Founded: 2022

• Employee Fount: 2 FTEs and a few part time engineers

• Investors: Lightning Capital, Entrepreneur Ventures, several family offices, and angel investors

• Amount Raised: $1m+

• Currently Raising: Seed extension

• Business Model: Take a 3% fee on each transaction

• Early Traction: Over 10,000 users, $7M in Q1 betting volume (25% QoQ growth), $155k in Q1 revenue (40% QoQ growth), revenue per user is 2.4x CAC, published patent for peer-to-peer betting technology, and several key partnerships, including ESPN LA and Fox Sports Philadelphia.

IN PARTNERSHIP WITH

• Fidelity Private Shares cap table platform is the all-in-one tool that will help founders prepare for their next round of funding.

• This platform gives founders access to seed stage capital, equity scenario modeling, and premier support to generate, execute & store legal documents.

• As a valued member of the Bulletpitch community, we’d like to personally share a 20% discount for the product.

• Plus, if you’re coming from another platform, Fidelity has offered up its top-tier team to help transfer all docs for a seamless transition.

Due Diligence

WHAT WE LIKE

• Market Opportunity: The online sports betting market alone is valued at close to $50B, with Kutt uniquely positioned to take market share while also tapping into unmet demands to bet with friends and beyond sports.

• Proprietary Technology: Kutt’s fully-customizable betting markets and patented social peer-to-peer betting technology differentiates the company from competitors by protecting its innovative approach from being easily replicated.

• Social Aspect: Kutt enriches the betting landscape by incorporating social networking features, complete with user profiles, activity feeds, and messaging, where bettors can connect and compete against friends or strangers alike.

POTENTIAL RISKS

• Preference for Informality: Given the informal nature of many peer-to-peer bets, potential users might prefer handshake bets or using familiar platforms like Venmo that don’t take a transaction fee.

• Regulatory Challenges: As with all betting platforms, changes in gambling laws could impact operations, requiring constant vigilance and adaptability.

• Competitors: Kutt's peer-to-peer model could be replicated by larger, more established companies with deeper pockets and broader user bases.

Founder Profile

• Sim Harmon, CEO: Previously led sales at SumZero and worked at UBS Private Wealth Management.

• James Tice, CTO: Previously CTO at PixelStix with a background in AI/LLMs and blockchain technology

Comps

• NoVig: Backed by Y Combinator, Lux Capital, Innospark Ventures

• Prophet: Backed by Comercia Bank, Gladstone Capital

Event Board:

Bulletpitch Presents: Venture Virality

We’re excited to announce that we are taking NYC by storm this June, and would like to invite you to join us for a one-of-a-kind event to connect founders and funders.

​What to Expect:

​Media is a critical part of how founders and investors interact in the startup ecosystem. That’s why this event will be dedicated to giving all the founders in attendance a media moment!

​ALL STARTUPS (AND FUNDS) IN ATTENDANCE WILL HAVE THE OPPORTUNITY TO SUBMIT THEIR LOGOS TO BE PROJECTED ON THE MASSIVE LED BOARD IN THE CENTER OF THE VENUE.

​Throughout the night your company’s logo (or portfolio companies) will be featured in front of the hundreds of investors and other founders in attendance.

Founders are encouraged to capture the iconic shot of their billboard-sized logos to tweet, post, story, or even put on their websites.

Our Sponsors:

This event is powered by our incredible partners: Fidelity Private Shares, Citizens Private Bank, Polsinelli, and Insomnia Club.

We consider each of these partners not only integral to this event, but partners to the entire startup community. You can learn more about each of our partners on the event page here.

Cast Your Vote

Last Week Today

• The results are in: The Renatural, a beauty company that manufactures and automates the production of high-quality wig and hair extension products, was narrowly unfavored in last week’s poll.

• Subscriber feedback: “The Renatural is set to disrupt the wig industry, however, this endeavor requires a complete overhaul in the way consumers purchase wigs.”