The Pitch Trick That Helped an eSports Startup Raise $20M When VCs Only Wanted AI

Founders are currently facing a venture capital landscape dominated by a single obsession: AI. Yet, Lucra Sports managed to secure a $20 million Series B led by Cathie Wood’s ARK Invest Venture Fund, despite not building models or agents.

The achievement is notable because ARK Invest has previously experienced losses from a similar eSports company, Skillz. Lucra Sports operates in the white-label interactive gaming space, providing loyalty programs for businesses like Dave & Buster’s, Five Iron Golf, and Chess King. These programs allow customers to participate in online tournaments for prizes or friendly wagers.

The strategy used by CEO Dylan Robbins to secure this funding relied on two specific tactics: networking through casual interaction and pivoting the pitch narrative toward the current market trend.

The first tactic is rooted in serendipity. Robbins met a contact at a New York darts bar. After a follow-up encounter at the same location, a conversation about work led to an introduction to the investment team at ARK. This connection resulted in a small check during the company's Series A round.

The second tactic addresses the current capital environment. By the end of 2025, AI had become the primary driver of venture funding. Robbins suggests leading pitches with AI, even for companies that are not building core AI technology.

This suggests that while the underlying value of a company remains in its product and customer base, the framing of that product must align with where capital is flowing. For non-AI founders, the opportunity lies in finding the intersection between their existing utility and the prevailing technological narrative.

Consider how your current value proposition could be framed to align with the primary interest of the current market.