PrizePicks

From $5M to $5B Valuation. 3 Successful Funding Rounds

How AdaptCFO helped PrizePicks scale through strategic finance, operational discipline, and hands-on CFO leadership.

The Opportunity

When PrizePicks partnered with AdaptCFO, it was an ambitious startup with fewer than 10 employees, only a few thousand dollars in monthly revenue, and a vision to transform the fantasy sports industry.

Like many high-growth startups, the company faced familiar challenges:

Limited cash runway
Inconsistent financial reporting
Rapid hiring decisions
Investor readiness
The pressure to scale without sacrificing financial discipline

Then COVID-19 brought professional sports to a standstill, eliminating the company's primary revenue source almost overnight.

The stakes couldn't have been higher. Every financial decision mattered.

The AdaptCFO Difference

At AdaptCFO, we don't just manage the numbers. We help founders make better business decisions.

For more than five years, our team worked alongside the founders as an extension of their executive leadership, providing the financial insight, strategic guidance, and operational support needed to navigate both rapid growth and extraordinary uncertainty.

Our role included:

Building financial models that guided critical business decisions
Creating investor-ready financial reporting and forecasts
Managing cash flow to maximize runway
Supporting three successful fundraising rounds
Helping leadership prioritize investments based on metrics like CAC, LTV, ROAS, and payback period
Scaling finance operations, payroll, and vendor management as the company expanded

Rather than simply reducing expenses, we helped PrizePicks invest capital where it generated the greatest long-term return.

Navigating the Toughest Chapter

When the pandemic shut down professional sports, the company faced an unprecedented challenge.

Together with leadership, we developed a plan to preserve cash, maintain critical vendor relationships, and extend the company's runway while preparing for recovery.

Those conversations weren't just about spreadsheets. They were about making difficult decisions with confidence.

By combining disciplined financial planning with honest communication across employees, investors, and vendors, PrizePicks emerged stronger and ready to accelerate when the market returned.

The Results

Strategic finance became a competitive advantage.

Key Outcomes

Scaled from a $5 million valuation to approximately $5 billion
Supported three successful funding rounds
Expanded from fewer than 10 employees to nearly 500
Built scalable financial systems to support long-term growth
Extended cash runway through disciplined financial planning
Strengthened investor confidence with accurate reporting and forecasting
Provided executive-level financial guidance through every stage of growth

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A True Strategic Partner

Our partnership extended far beyond finance.

We met with leadership weekly, and often daily, helping evaluate growth opportunities, fundraising strategies, hiring decisions, and operational priorities. We traveled alongside the founders to industry conferences and international markets to better understand the business, the competitive landscape, and the challenges ahead.

That level of involvement reflects how we work with every client.

We don't simply deliver reports.

We become a trusted financial partner, helping founders make confident decisions that drive sustainable growth.

CLIENT TESTIMONIAL

“Working with AdaptCFO, we’ve seen revenue improve by almost 7000% and working capital by over 900% in less than two years. Even during the peak of the pandemic when our main source of revenue [sports] was shut down, Eric and his team helped our business survive, allowing us to stay in business, keep our vendors happy, and rehire our employees."

– Adam Wexler, CEO and Founder of PrizePicks

THE RESULTS

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