Sports betting startup Mojo reduced its workforce by around 20% on Thursday as part of a company restructuring. The layoffs, initially reported by Business Insider, specifically targeted divisions involved in customer-facing operations.
Formed in 2020 and officially launched as a regulated sportsbook in New Jersey in 2022, Mojo operates as a “sports stock market,” allowing users to invest in individual athletes’ performances.
The company has successfully secured over $100 million in funding from a blend of institutional and angel investors to date. Notably, it achieved a major milestone with a $75 million Series A funding round in March 2022, spearheaded by Thrive Capital.
Other notable investors in Mojo include Tiger Global, Fin Capital, Courtside Ventures, TriplePoint Capital, Morris Bailey, the NFLPA, The Chainsmokers, MANTIS Ventures, Chris Rock, Gary Vaynerchuk, Jason Derulo, Michael Kives, and Jack Abraham.
Co-founders Alex Rodriguez and Marc Lore, along with CEO Vinit Bharara, are also among the investors. As of November 2022, Mojo boasted a workforce of 95 full-time employees.
Expanding its offerings, Mojo launched Mojo Fantasy in September, a daily fantasy game available in 19 states and Washington D.C. This fantasy platform covers NFL and NCAA football, MLB, NBA, and college basketball.