DraftKings’ venture capital fund – Drive by DraftKings – has announced that it has raised $60m (£43.4m/€51.5m) in its first venture fund round.
The funding was raised over six months and was supported by investors and organizations, including MSG Sports and Entertainment and The Kraft Group. The fund is now oversubscribed by 20%.
Drive by DraftKings invests in sports technology, focusing specifically on human performance, sports and gaming, media and fan engagement and data analytics and monetization.
“We are proud and excited to have assembled this roster of prominent investors. Not only do they embrace our vision to facilitate growth and innovation in sports tech and entertainment, they also provided the capital to join our mission,” said Meredith McPherron, Drive by DraftKings CEO and managing partner.
“Through our relationship with DraftKings, as well as other iconic brands in sports and gaming via our limited partners and advisors, we are well positioned to accelerate the most ambitious new ventures at the frontier of these industries.”
Drive by DraftKings has also announced its All Star Network, which has been designed to support its investments. Sports stars such as Olympic ice hockey medalist Hilary Knight, 11-time NFL Pro Bowl wide receiver Larry Fitzgerald and executive of MLB and Arctos Sports Partners Theo Epstein have been named as part of the network.
“Technology is changing sports and entertainment so rapidly and if you aren’t close to that change, you’re falling behind,” said Epstein.
“I joined Drive by DraftKings’ All-Star Network to be connected to the people shaping the future of the industry.”
Earlier this week, DraftKings launched its igaming and online betting offerings in Connecticut through the Mashantucket Pequot Tribal Nation-operated Foxwoods Resort Casino.