DraftKings Raises $24m For Online Fantasy Sports Games

Fantasy sports start-up DraftKings has raised $24 million (€17.8 million) in Series B funding to aid expansion of its daily fantasy sports online games offering.

According to the Venture Beat, the round of funding was led by Redpoint Ventures, with participation from GGV Capital, Atlas Venture and BDS Ventures.

The new funding was closed just six months after the firm raised $7 million in Series A funding. It has now raised $35 million to date.

DraftKings said the funding would go towards marketing and acquisition, developing strategic partnerships and hiring new staff.

The 18-month-old firm holds real-money fantasy game competitions in baseball, American football, basketball and hockey. US law permits real-money betting in games of skill.

Players can access the real-money betting service on the firm’s website, while the Facebook, iOS and Android version use virtual currency where players can put real money in cannot cash out.

DraftKings has experienced significant growth this year, having launched six different sports leagues and paid out over $50 million to thousands of winners during 2013.

“Going forward, we will continue to prioritize customer experience, leveraging both our online and mobile platforms,” DraftKings’ chief executive officer, Jason Robins, said. “Mobile, in particular, will be an area of focus for us in 2014.”

Tom Dyal, a partner at Redpoint Ventures, added, “One of the most exciting aspects of venture investing is when we see a company that plays a role in creating a consumer phenomenon. DraftKings is just that sort of company.

“DraftKings’ innovative approach to coupling a clear monetization model with a huge, engaged fantasy sports audience captured our attention.

“The DraftKings’ team’s execution and focus made investing in them even more attractive to us.”

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