Kyle Kroeger spent three years in working for a Chicago-based investment bank as an analyst working on a variety of middle-market transactions in excess of $500 million. More recently, Kyle has experience working for a publicly traded renewable energy company in their mergers and acquisitions team. And he has extensive experience working in capital raising, mergers and acquisitions, and strategic consulting. Kyle knew there was a way to make fantasy sports better for the user and the sports fan, whether that be through statistics and data or user interface design. His startup RedraftHero is providing an outstanding service for fantasy sports players and fans. It’s an opportunity for players to have a really rewarding experience – one that allows them to cheer on their favorite team and their lineup. Kyle owes his inspiration to MLB Baseball Almanac: in his own words “seriously, as a kid, every year I would ask for the baseball almanac for Christmas. I would then sit and look at the statistics for each player. Each year, I was so fascinated in looking and reading about statistics and trying to determine which player would be the next big superstar.” RedraftHero currently books revenue from a commission of the overall total prize pool of contests. There are more ways for monetization such as content, advertising for contest names, partnerships for drafts in stores (i.e. sports restaurant chains, etc.), as well as incentives such as Freerolls – which are free contests with cash prizes. They compete with other players in the fantasy (and real life) sports realm, such as FanDuel, Yahoo! Sports, DraftKings, and ESPN. The biggest hurdle for RedraftHero has been that they’re very detail oriented and strategic about each improvement. They want to setup a good base for their platform to take it in multiple directions, which as they see it, they’ll go into more content, strategy, and tools that will help users build a successful lineup.
January 19, 2016
2 minute read