Existing investors Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Bullpen Capital, Pentech Ventures and Piton Capital also participated
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1767296,"post_type":"press","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"B"}']
NEW YORK–(BUSINESS WIRE)–July 14, 2015–
AI Weekly
The must-read newsletter for AI and Big Data industry written by Khari Johnson, Kyle Wiggers, and Seth Colaner.
Included with VentureBeat Insider and VentureBeat VIP memberships.
FanDuel Inc. (www.fanduel.com), the largest one-day fantasy sports operator, announced it has closed $275 million in Series E financing, bringing total capital raised to $363 million. The oversubscribed round was led by KKR with Google Capital and Time Warner Investments, together with Turner Sports, also joining. A number of NFL and NBA team owners participated in the round along with previous investors, including Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Bullpen Capital, Pentech Ventures and Piton Capital.
The company continues to grow rapidly with paid active users growing 300% from the same period last year. The financing will be used to increase customer acquisition efforts across the U.S., accelerate the introduction of new products, features and growth initiatives to serve the company’s mission to create the ultimate fan experience, and to build out its industry-leading management team.
“Having partners like KKR, Google Capital and Time Warner/Turner Sports invest in FanDuel underscores the way this company is transforming sports entertainment,” said Nigel Eccles, CEO and co-founder, FanDuel. “This roster of investors, with expertise across finance, technology, advertising and sports entertainment, is committed to the growth and success of FanDuel as a game-changer for the sports industry.”
“We are thrilled to support FanDuel’s next phase of growth given the company’s leading position in the daily fantasy market, model operating principles, highly efficient customer acquisition capabilities, and visionary management team,” said Ted Oberwager of KKR. “FanDuel is poised to become the most engaging digital entertainment platform for sports fans around the world.”
FanDuel is announcing this news on the heels of hiring an experienced team of over 40 developers based in Orlando, Florida focused exclusively on sports and mobile gaming and finalizing exclusive, multiyear partnerships with 13 NBA teams and 16 NFL teams. Mesa Global, which was recently acquired by Houlihan Lokey, served as FanDuel’s investment banker.
About FanDuel
[aditude-amp id="medium1" targeting='{"env":"staging","page_type":"article","post_id":1767296,"post_type":"press","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"B"}']
FanDuel is the leading daily fantasy sports provider with the sole mission of making sports more exciting. Founded in 2009, FanDuel has redefined fantasy sports; offering a multitude of one-day game options for NFL, NBA, MLB, NHL, and college football and basketball, with new public and private leagues forming daily, ranging in size from two to thousands of players. FanDuel is the Official Partner of the NBA and has multiple deals with NFL and NBA teams, driving fan engagement, hosting numerous live events and creating once-in-a-lifetime experiences for sports fans throughout the year. Based in New York City with offices in Los Angeles, Orlando, Edinburgh and Glasgow, FanDuel has raised $363 million in funding from investors including KKR, Google Capital, Time Warner/Turner Sports, Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Pentech Ventures, Piton Capital and Bullpen Capital.
About KKR
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. KKR’s investment in FanDuel is part of the firm’s growth equity strategy, which is focused on market-leading, high-growth companies for which KKR can be a unique partner in helping reach scale and the next level of growth. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com.
About Google Capital
[aditude-amp id="medium2" targeting='{"env":"staging","page_type":"article","post_id":1767296,"post_type":"press","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"B"}']
Google Capital is a growth equity fund backed by Google. Google Capital invests in companies that use technology to change the way people experience the world. Advised by Google technology and product leaders, the Google Capital team has the extensive operational and technical expertise to make smarter investments and help our portfolio companies succeed. Some of Google Capital’s investments to date include SurveyMonkey, Lending Club, Credit Karma, ZenPayroll and Glassdoor. (www.googlecapital.com)
About Time Warner Investments
The Time Warner Investments group was founded in 2003 and focuses on investment opportunities that directly enhance Time Warner’s ability to meet specific strategic goals. These strategic goals include the delivery of new services, enhancement of an existing product, entry or expansion into a key strategic market, completion of a strategic partnership, and critical research and development.
[aditude-amp id="medium3" targeting='{"env":"staging","page_type":"article","post_id":1767296,"post_type":"press","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"B"}']
View source version on businesswire.com: http://www.businesswire.com/news/home/20150714005506/en/
FanDuel Inc.
Justine Sacco, 516-554-5666
justine@fanduel.com
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More