Thursday, September 1, 2016

Rumors Of Daily Fantasy Sports' Demise Premature: DraftKings Raises Another $153 Million

Following up on last Saturday's "The Inside Story of the Quick Rise and Quicker Fall of DraftKings and FanDuel" .
From Fortune:

Exclusive: DraftKings Raises Giant New Funding Round
Fantasy sports site gets capital boost, just before the new NFL season kicks off.

DraftKings, the controversial daily fantasy sports site, has raised $153 million in new venture capital funding, Fortune has learned.

New investors include Revolution Growth, an investment firm co-founded by Washington Capitals and Washington Wizards owner Ted Leonsis. DraftKings previously had raised money from investment firms associated with New England Patriots owner Robert Kraft and Dallas Cowboys owner Jerry Jones, while Major League Baseball also holds a small equity stake.

We had first reported on the round last week, albeit without the specific dollar amount. In conjunction with the deal, Revolution partner Steve Murray (ex-Softbank Capital) will join the DraftKings board of directors.

“Revolution Growth is a tremendous new partner for DraftKings, with an entrepreneurial outlook and spirit of innovation that meshes perfectly with the culture of our company,” said DraftKings co-founder and CEO Jason Robins....MORE