FAILDEX失樂園
中文

Champions Round

The business, the turning points, and the decisions behind them.

Event year2023
FundingUS$10.7M

01 / WHAT IT BUILT

What the company did

Champions Round was a Gen-Z fantasy sports app founded by co-founder and CEO Carter Russ. Positioned against traditional fantasy sports — which it described as demanding lengthy commitments, seldom rewarding players, and being tricky to play — it built short-form, bite-sized fantasy games designed to be played repeatedly with friends, matching the serialized, social-media-driven way Gen Z consumes sports. It offered free and buy-in options and, from July 2023, a 'Creator Rooms' feature that let content creators monetize audiences by playing fantasy league games with followers, paying them for engagement, sign-ups and in-room purchases. The company had raised about $10 million (including a $7 million round in early 2023) and was backed by professional athletes including Baron Davis, Melvin Gordon, Tyrann Mathieu and Zaire Wade. In June 2023 it laid off a large portion of its workforce and began selling its assets; by August 2023 it was winding down.

02 / Champions Round FAILURE REASONS

Failure factors supported by the current evidence

Business Insider (29 Aug 2023) reported Champions Round was winding down after an investor-led investigation. At a 14 Jun all-hands, CEO Carter Russ took responsibility for the closure, citing problems between the founders and investors, according to two people familiar with the matter.

Governance

CEO cited problems between the founders and investors as the reason for the closure, per people familiar with the matter.

Investor Investigation

The wind-down followed an investigation led by the company's investors.

03 / EVENT HISTORY

Events in the structured record

  1. Asset sale

    On 14 Jun 2023 leaders told staff Champions Round would lay off much of its staff and prepare to sell its assets; Business Insider (29 Aug 2023) reported the company was winding down after an investor investigation.

04 / CONTEMPORARY REBUILD ASSESSMENT

Difficulty of rebuilding this project today

Material for this section is being gathered and checked. It will appear here once ready.

Rebuild difficultyPending assessmentNot completed
Scoring basisNot completed
ScalabilityPending assessmentNot completed
Scoring basisNot completed

Overall assessment: Not completed

05 / CAUSAL CHAIN

How the factors connect

  1. 01

    June 14, 2023: at an all-hands meeting, company leaders told employees Champions Round would lay off a large portion of its workforce and sell its assets, following an investigation led by the company's investors; CEO Carter Russ accepted responsibility, citing issues between the founders and investors.

  2. 02

    August 31, 2023: reported to be winding down and looking to sell its assets, the latest sports startup to hit snags as funding dried up — investors had grown cautious doing due diligence, shortening runways in an industry where competition is expensive.

  3. 03

    Context: money had flowed freely in sports betting and online gambling until about a year earlier; fellow fantasy-sports startup No House Advantage had also 'ceased operations' after failing to find a buyer.