DraftKings Grabs $153M From Revolution Growth, Other Unnamed Backers
Sep 02 2016 by Johnny Bowman
Revolution is "a tremendous new partner", Robins said in a statement, with "an entrepreneurial outlook and spirit of innovation that meshes perfectly with the culture of our company".
Daily fantasy sports (DFS) operator DraftKings has raised $153 million (€137 million) through a new venture capital filing. In a statement DraftKings' CEO Jason Robins alluded to this, saying that the firm has deep expertise in "sports, technology, and policy".
Wehad first reported on the round last week, albeit without the specific dollar amount.
It's unclear how big a stake Revolution Growth's investment has purchased in the privately held company. To date, it is estimated that the Boston-based firm has raised approximately $600 million in venture funding carried out through eight financing rounds.
Although full financial details of the agreement have not been disclosed, various sources have said that the funding values DraftKings at significantly less than the $2 billion that was quoted following another funding round in the summer of 2015.
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It has been reported, that as part of the deal Revolution Capital'sSteve Murray, a former Managing Director of Softbank Capital will join the DraftKings' board.
The fantasy-sports industry generated an estimated $26 billion in spending in North America a year ago. ESPN also reported that both companies owed millions to lobbyists, lawyers and others and that DraftKings has tried to renegotiate contracts with vendors and reduce affiliates' bonuses.
About 56.8 million people played fantasy sports in the USA and Canada in 2015, with average spending per player of $465, according to the Fantasy Sports Trade Association, an industry trade group.
"The reality is neither company was in a position to continue to operate without NY", said Jeremy Kudon, a lobbyist for the companies. When I had spoken to investors, everyone agreed on its importance.
The new funding will help boost DraftKings as it heads into football season, its busiest time of year.