FanDuel completes $275m funding round
Google Capital and Time Warner Investments take part in the DFS operatorâs largest funding round to date
Daily fantasy sports (DFS) operator FanDuel has completed a Series E funding round worth $275m, bringing its total raised capital to date to $363m. [private]
The oversubscribed round, which dwarves the $70m it raised in September last year, was led by private equity firm KKR with Google Capital and Time Warner Investments together with Turner Sports also joining.
A number of NFL and NBA team owners also participated, along with previous investors Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Bullpen Capital, Pentech Ventures and Piton Capital.
FanDuel said the latest funding round will be used to increase customer acquisition across the US and Canada as it continues to go head-to-head with rival DraftKings in the battle for market share.
The funds will also be spent on accelerating product development, the introduction of new features, and other growth initiatives to improve player experience. FanDuel also revealed plans to bolster its management team.
âHaving partners like KKR, Google Capital and Time Warner/Turner Sports invest in FanDuel underscores the way this company is transforming the sports entertainment industry,â FanDuel CEO Nigel Eccles (pictured) said.
âThis 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,â he added.
The news comes off the back of FanDuel hiring more than 40 former Zynga developers at its new Orlando-based development studio.
Rivals DraftKings is also expected to complete a major funding round in the coming weeks after striking an exclusive advertising deal with sports media giant ESPN.