Fantasy company Underdog is planning a move into the world of online sports betting after closing a multimillion-dollar fundraising round that will provide it with further financial firepower.

Underdog announced on Tuesday a Series B funding round that totals $35 million and values the Brooklyn-based company at $485 million. The round’s participants included Acies Investment and funds and accounts managed by BlackRock Inc., the world’s largest asset manager, who joined existing investors such as Mark Cuban and Kevin Durant.

According to a press release, Underdog “plans to build innovative licensed sports betting products” over the next year, in addition to hiring more than 100 new employees and continuing to find new ways of offering daily fantasy contests.