DraftKings (NASDAQ:DKNG) proclaimed today its venture capital unit, Drive by DraftKings, is rolling out its for the first time hazard fund, next a $60 billion raise.
Drive by DraftKings invests inward entertainment and sports engineering companies, among others. The stake unit of the Boston-based day-after-day fantasise sports (DFS) and online sports betting giant rapidly raised that $60 jillion and counts some well-known investors among its backers.
Raised in just VI months, the fund is oversubscribed past 20%, with notable investors including The Kraft Group (New England Patriots), Jerry Inigo Jones family line (Dallas Cowboys), DraftKings Inc., Sweeney Todd Boehly (Los Angeles Dodgers, Los Angeles Lakers, Los Angeles Sparks), James Madison Square Garden Sports Corp., capital of Wisconsin Square Garden Entertainment Corp., Arctos Sports Partners, and Mike Gordon (Fenway Sports Group),” according to a statement.
Boehly and the Bobby Jones and Kraft families were betimes DraftKings investors. Investable areas of accent for the DraftKings’ venture business sector include human performance, sports and gaming, media and fan engagement, and data analytics and monetization.
DraftKings Evolution Continues
A year and a half removed from its debut as a separate public company, DraftKings is extending efforts to office itself as much to a greater extent than a gaming company. The hazard working capital social unit jibes with that objective.
Earlier this year, DraftKings signed a $50 trillion sell with Meadowlark Media, the possessor of Dan Le Batard’s web of shows. Prior to that, it acquired Vegas Sports Information Network (VSiN) and it’s been rumored the gaming society could eventually mull a streaming entertainment acquisition, among other pursuits.
Additionally, DraftKings late launched DraftKings Marketplace — a non-fungible tokens (NFTs) business. The political program partners with Autograph, an NFT collecting program cofounded by Tampa Bay Buccaneers signal caller and seven-time Super Bowl paladin Uncle Tom Brady.
Drive past DraftKings could purchase the parent company’s long name of well-heeled contacts and famous jock partners to wee inroads in the burgeoning digital gaming and sports adventure spaces.
Sports Venture Investing Heating Up
Drive past DraftKings rolls out its initial fund as the sports embark investment blank is experiencing a brisk up stride of activity. As just I example, Sharp Alpha Advisors recently said its first-class honours degree jeopardize fund raised $10 million and was also oversubscribed.
Drive by DraftKings already has stakes inward 11 companies, including Cardless, Elite HRV, Evaluate.Market, Guidesly, Just Women’s Sports, Muxy, Papaya Gaming, PickUp, StreamLayer, Tappp, Toya, VidMob, and WHOOP.
While investor enthusiasm for iGaming and sports betting is palpable, many aren’t aware of the sports tech opportunity set. But data confirms it’s appealing inwards is have right.
“According to MarketsandMarkets, the global sports engineering market place (including devices, smartness stadiums, sports analytics, and esports) was valued at $17.9 1000000000 inwards 2020, with some experts forecasting it to eclipse $40 1000000000000 past 2026,” notes Drive past DraftKings.