When Prizeout, a New York-based financial technology company, announced its $4.5M series A this summer, the company listed 29-year-old Richard Blankenship as Cofounder and Chief Revenue Officer. In some ways, it’s an unlikely affiliation for Blankenship – a California native who enjoyed early success in the real estate and gaming industries.
Blankenship’s engagement with Prizeout and New York’s financial technology industry is emblematic of the relationships-first approach he’s applied throughout his career. “Your network is your net worth,” Blankenship says. “I know it’s been said many times before, but I repeat it now because it’s true. Every success I’ve enjoyed in my career I have shared with my closest friends, colleagues, or mentors.”
When Blankenship first heard about Prizeout he was out for dinner with serial entrepreneur David Metz. At the time, Blankenship was Chief Revenue Officer of Poker Central, the world’s largest poker media company and the rightsholder for the World Series of Poker, and Metz was CEO of Fleetwit, a trivia app. The two had spent three months negotiating a complex advertising and sponsorship deal between Poker Central and Fleetwit. One night, Metz mentioned an idea for his next startup – a financial technology product that would evolve into Prizeout.
“The opportunity registered with me immediately,” Blankenship says. “At Poker Central I was in constant communication with gaming executives around the world who needed a more efficient payments solution. Prizeout was that product. More importantly, though, I had built a friendship with David that let me put my complete trust in him. We made a handshake deal, and I wired him the seed capital for Prizeout the next week.”
Blankenship’s angel investment portfolio includes some of the fastest growing startups in the world –almost all of which were sourced through Blankenship’s ever-expanding network. CUTS clothing, a menswear brand, is one of these companies, and its founder, Steven Borelli, is an example of a friend-turned partner.
Borelli and Blankenship were fraternity brothers and members of the same pledge class at San Diego State University. The two bonded in college over a love for entrepreneurship and remained in close contact after beginning their careers.
“One day Steven called to tell me about a problem at his clothing company, CUTS,” Blankenship says. “Their order volume had spiked, and they were facing an inventory shortage. That’s the kind of phone call you love to get. One of my closest friends from college calling to tell me his business is growing so quickly he needs capital to cover inventory. We made a deal, I wired him funds for the inventory, and I became CUTS’ first & only investor.”
Blankenship has enjoyed early success with his investments in CUTS and Prizeout. After Blankenship funded CUTS, the company capitalized on the direct to consumer trend in men’s fashion and drove record sales growth. After seeding Prizeout and joining the company full-time, Blankenship signed some of the largest gaming companies in the world as partners, and the company closed its $4.5M series A this summer.
“It’s all in the network,” Blankenship adds. “I believe in these ideas because I believe in these entrepreneurs. I count them among my friends, and I know the greatness they are capable of. When they’re ready to take that next step and turn their ideas into businesses, I’m grateful to be their first phone call.”
For more, connect with Richard on Linkedin or follow him on Instagram.
